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FINANCIAL TI 







World news 


Business summary 


sr f.5B a sa srrs Europe’s busings newspaper 

HnqttBB. 0312 feobateb .R3JO tlA£. ...thBiO 

“ u -:’"' s No. 30,265 Monday June 22 1987 

00 _ 

India’s Salomon Martens launches 

President buys key fjjjJ avert 
refuses stake in , . . 

to defect Harcourt EC SUmOllt CHS1S 


India’s Salomon 
President buys key 
refuses stake in 


A committee of India’s o pp o siti on 
parties selected Mr Krishan Iyer, a 
72-year-old former supreme court 
judge, to oppose Prime Minister Ra- 
jiv Gandhi's ruling Congress (1) 
Party in the July 13 presidential 
elections. 

Mr Iyer was chosen after Presi- 
dent Zail Singh, a senior figure in 
tire Congress party, refused an invi- 
tation from the opposition groups to 
defect and ran against Mr Gandhi's 
party. PageS 

Kurds kill villagers 

Kurdish separatist guerrillas mur- 
dered 30 people, including 16 chil- 
dren, in an armed raid on the vil- 
lage of Ptnarrik in south east Tur- 
key. The death toll was the highest 
since Kurdish rebels res umed vio- 
lent struggle for a separate stale in 
August 1064. Page 3 

Stability in Sharjah 

TTw» r uler of Sharjah , Sheikh Sultan 
was reinstated after a four day pow- 
er struggle with his hrother Sheikh 
Abdul Aziz who is to be cr o w n 
prince of the 03 producing emirate 
in tire southern Gulf. Page 3 

Barcelona toll rises 

The death toll in Friday’s bomb 
blast at a Barcelona supermarket 
rose to 17 as thousands of people 
demonstrated against Basque se- 
paratist violence, which has been 
g rowi n g in the city since last year. 
Page 28 

Soviets go to polls 

Millions of Soviet voters went to the 
polls to elect new local government 
councils and district court judges. 
For the first trmp in Sect oral 
districts, voters were able to choose 
from more ft»n one «witiii»te 
Page 2 

Iraq warns of raids 

Iraq warned Tehran that it was pre- 
paring ftirtber heavy attacks on Ira- 
nian targets following an end to 
Baghdad’s self-imposed moratori- 
um on raiding Iran's o3 export sup- 
ply line. 

Bomb In Manila 

Men in a car tossed a grenade and 
opened fire at the Philippine Com- 
mission on Elections building, 
wounding two people in the fourth 
attack on building; in Manila this 
week. In the central Philippines, su- 
spected Communist assassins shot 
dead an army colonel, the 15th 
armed forces official killed this 
mo n th. 

Tarmac collision 

Two jumbo jets sustained signifi- 
cant damage and an American pas- 
senger was injured in a collision on 
the tarmac of Vienna airport Both 
aircraft were grounded. 

Torture of Tamils 

Amnesty International accused the 
Sri Lankan security forces of tor- 
turing Tamils suspected of anti-gov- 
ernment activities. The human 
rights organisation said it had docu- 
mented more than 500 cases in the 
past two and a half years. 

Balloon bid delayed 

Poor weather over the North Atlan- 
tic forced a second delay to millio- 
naire Richard Branson’s bid to 
make the first Atlantic crossing by 
hot air balloon. Weathermen in 
Maine have advised that the 200 
ftall balloon should not take off be- 
fore Thursday. 

New flying record 

A four man team flying a Lockheed 
18 broke the 49-year-old record set 
by the late Howard Hughes for fly- 
ing around the world in a propeller 
driven aircraft The new record is 
88 hours and 48 minutes. 

101st Wimbledon 

The 101st Wimbledon lawn t en nis 
championship begins today with 
Boris Becker striving for his third 
successive men's tennis title. Beck- 
er is seeded number one, ahead of 
fain Twnil who is ranked first on 
the world tables. Martina Navratilo- 
va is seeded to win the women's ti- 
tle for the eighth successive year. 


HARCOURT BRACE Jovanovteh, 
US publishing group fighting off a 
bid from Mr Robert Maxwell’s Brit- 
ish Printing »n<i (^mmmiiMH n f i ! ! 
Corporation, faced new threat with 
the disclosure that Salomon Broth- 
ers had accumulated a hyi? of de- 
bentures which could be convertible 
into over one-third of HBTs total 
common stock. Page 21 

EUROPEAN Monetary System: 
Trading was subdued within the 
EMS last week partly due to the do- 
sure of most West German centres 
an Wednesday and Thursday. The 
dollar was firmer against the D- 
Mark and there was no pressure on 


EMS June 19 1937 


BY QUENTIN PEEL IN BRUSSELS 


r-BBfll 


iDWERQBNCE 


IMt o' 

Ftaettkm jLtfefil Z ~ 
ECU Party 



CONTENTS 


MR WILPRIED Martens, the Bel- 
gian Prime Minister , is to under- 
take a hectic tour of all the capitate 
of tire European Community this 
week, in a bid to rescue next week’s 
EC summit from deadlock over fu- 
ture financing and reform of the 
Common Agricultural Policy (CAP). 

His mission follows the failure of 
foe 12 national Agriculture Minis- 
ters to agree on farm prices for foe 
current year, and the inability of 
the 12 Budget Ministers to decide 
on how to fill a Ecu 5bn to Ecu 6 bn 
hole ($5£7bn to S 6 Abn) in the cur- 
rent budget 

It coincides with an attempt by 
EC Foreign Ministers, meeting un- 
der the chairmanship of Mr Leo 
Tindemans, foe Belgian Foreign 
Minister, in Luxembourg today, to 
I reconcile their differences on long- 
term budget reforms in advance of 
the summit. 

At the heart of the negotiations 
lies foe renewed exhaustion of EC 
budget funds, and foe inability of 
the 12 states to agree on 

whether and when to raise their 
long-term rash contributions. Hiat, 
in turn, is linicpd to the ur- 

gent need for an overhaul of the ag- 
riculture policy, which consumes 
two-thirds of the budget, as well as 
the demand by southern member 


states for more money to be spent 
on re gional and social policies. 

All the problems are coming to- 
gether in time for the Brussels sum- 
mit on June 29 and 30, a challenge 
likely to tax even the formidable ne- 
gotiating powers of Mr Martens - 
Belgium’s longest-surviving post- 
war prime minister . 

The mos t crucial stops on Mr 
Martens’ tour will be in London on 
Tuesday, where Mrs Margaret 
Thatcher, the British Prime Minis- 
ter, is the most adamant opponent 
of increasing budget contributions 
without radical reform of farm poli- 
cy, and in Boon, where Chancellor 
Helmut Kohl’s government is equal- 
ly opposed to increased contribu- 
tions and agricultural reform. 

Madrid will also be a key stop, be- 
cause for the Spanish Government 
has refused to give its blessing to 
any short-term budget solution, 
without sunmltaneous agreement 
on a long-term deal, with more cash 
for foe poorest regions. 

Officials in Brussels fear the 
prospect of foe summit being held 
rimiiitamvaisly with council meet- 
ings of budget agriculture min- 
isters, a device seen as the only way 
of farcing the national governments 
to vace up to the way their deci- 
sions are Knkari 


For its part, the European Com- 
mission is already its ac- 

tions in foe event of a deadlocked, 
summit. 

On Saturday, the Commission 
gave formal notice in the Official 
Journal of the EC of its intention to 
apply “conservatory measures" in 
agricultural markets from July 1 if 
foe Farm Ministers fail to agree on 
a prices package. That is expected 
to mean imposing the sort of price 
cuts for cereals and other products 
the Commission has proposed, bat 
foe ministers have faiteq to agree 

on. 

Over the weekend, Mr Jacques 
Delors, the Commission President, 
also held talks with his two key 
lieutenants, Mr Frans Andriessen, 
the Farm Hommi crimen- wtvI Mr 
Pfenning Christophersen, the Bud- 
get Commissioner, to decide how 
and when be shnnld im pWntart lug 
threat to cut back current EC 
spending, in the of any 

budget settlement 

There are fears in the Commis- 
sion that 3 he carries out his threat 
- to cut farm spending by 30 per 
cent and other programmes by up 
to 50 per cent from foe mid of July 
the entire body could face foe wrath 
of foe European Parliament, and a 
possible vote to sack them. 


foe weaker members such as the 
Belgian fr anc. Conditions were suf- 
ficiently relaxed to allow foe Bel- 
gian central bunk to cut short-term 
interest rates although foe discount 
rate remained at 7.75 per cent. The 
Danish krone was again the most 
improved currency from its central 
rate, followed by foe D-Mark. 

The chart shows the two constraints 
an European Monetary System ex- 
change rates. The -upper grid, based 
on the weakest currency in the sys- 
tem, defines the cross rates front 
which no currency (except the tint) 
may move more than 2% per cent 
The lower chart gives each curren- 
cy’s divergence from its "central 
rate" against the European Curren- 
cy Unit (ECU), itself a basket of Eu- 
ropean currencies. 

UK manufacturing industry re- 
mains confident that its strong per- 
formance in foe first half mil con- 
tinue in the second half of this year. 
Page 20 

ERICSSON, Swedish telecommuni- 
cations group, is planning for a 
large increase in digital telephone 
exchange order from British Telec- 
om, the UK telecom company. 
Page 6 

AMERICAN EXPRESS, US finan- 
cial services conglomerate, will re- 
port a second-quarter loss of $50m 
after taking a $520m charge to 
cover a quadrupling in foe toao kiss 
reserve of its American Express ; 
Bank subsidiary. Page 22 

NORWEGIAN trade deficit foil to 
NKr 34m ($5.07 m) from NKr 2L28bn 
in May 1986. The krone is at its 1 
strongest since last July. Page 5 
BANGLADESH is to spend nearly 
$530m on importing 2m tonnes of ; 
grain in 1987-88 to help overcome 
food shortages. 

JAPANESE city banks have peti- 
tioned the Ministry of Finance to al- 
low their overseas securities subsi- 
diaries to establish representative 
offices in Japan. Page 22 

SQUIBB, the US pharmaceuticals 
group, is taking a 5 per cent stake 
in Cetus, the West Coast bioengi- 
neering company, as part of a joint 
venture to develop and market new 
drugs. Page 21 

McDERMOTT International, the 
New Orleans based energy services 
group, suffered net loss of S2B0m in 
foe latest quarter after lting pro- 
vision for the closure of its seam- 
less tubular materials business. 
Page 22 

BOND CORP International, Hong 
Kong holding company for Mr Alan 
Bond’s bu sines s interests, expects 
profits of HK$138m (US$17m) for 
the first six months of foe current 
year. 


Kuwait appeals for help 
to clear Gulf mines 


BY TONY WALKER M KUWAIT 

KUWAIT has appealed to the US 
and Saudi Arabia to help dear 
mines from the rfiannri leading to 

its wmfa niUnafHn g farilifat 

Ibis follows the fourth incident 
in about a month in which a ship 
has struck a mine, near the en- 
trance to tfe A faaiB channel. 

On Friday, a Liberian-registered 
supertanker carrying Kuwaiti oil 
suffered minor damage to its bow 
and was forced to return to port 

Western officials in Kuwait say it 
seems that a systematic attempt by 
Iran is under way to disrupt ship- 
png in Kuwaiti waters. 

The officials say foot earlier specu- 
lation foat ships were hit by mines 
drifting in the northern Gulf now 
appears impla u sible. 

AH the explosions have occurred 
in a relativively small area, mesur- 
ing a few square kilometres on the 
fringes of Kuwait’s territorial wa- 
ters. 

The four tankers which have en- 
countered mines off Kuwait are the 


Soviet’s M»w«h»n Chirikov on May 
28, the Panamnoiam Primrose on 
May 27, the Greek Ethnic on June 9 
and, most recently, foe 273,408-ton 
Litaian-registered Stena Ex p lo r er 
on June 19. .. . . 

Lloyd's Shipping InteDigcpce Un- 
it reported late last week that the 
US Hydographic Office in Washing- 
ton had warned American mariners 
to V wwiw extreme caution? in 
Kuwait? s main oil shipping channel 
because of the mines. 

Kuwait's appeal for help to counter 
the new menace of mines disrupt- 
ing its ad routes c oin cides with 
fresh threats from Iran. 

Mr Hussein Mousari, Iran's 
Prime Minister, d en ou n ced Kuwait 
at foe weekend following an Iraqi 
ftttock an an oil tanker bound for 
Kharg Island, the Ir ani a n oil load- 
ing facility in the northern Gulf. 
Iraqis aircraft pass through Kuwaiti 
airspace in their missions over the 
Gulf. 

Warning that Insecurity in the 


Express puts last nail 
in Fleet Street’s coffin 


Persian Gulf will be modi greater 
than in foe past,” Mr Mousavi said: 
"We have evidence that prove s Ku- 
wait provided the teeflittea for this 
attack, whose purpose was to pave 
the way for Amaafcanfo presence in 
the region." US officiate have told 
Kuwait that it has mine detection 
f qnipwpnf. available in foe Gulf. 
ffenrii Arabia has several mine - 
sweepers. 

It is undear how extensive has 
been the sowing of mines in foe Ab- 
madi channel. Officials say that it 
may just amount to a small number 
of mines placed there by banian 
Revolutionary Guards who move in 
and out of foe area quickly in small 
boats. 

The nature of the mines has also 
yet to be established. They may be 
“contact" mines or the acoustic var- 
iety which sit on foe bottom and 
then pop up at the sound of a ship 
approaching. 

The latter wee used to mine ap- 
proaches to the Suez canal in 1984. 




BY RAYMOND SNODOY IN LONDON 


THE FORMAL death of Fleet 
Street as a production centre for 
Britain’s national newspapers is 
likely to be announced on July 2 
j when Express Newspapers unveils 
its plans to leave*. 

United Newspapers, owners of 
foe Expr ess Group and publishers 
of The Daily Express and The Sun- 
day Express and Star will be join- 
ing ell the other national newspa- 
pers which have already begun 
building new printing plants in Lon- 
don’s former docks area or moving 
towards distributive printing in dif- 
ferent parts of foe country. 

The move away from Fleet 
Street, the heart of the British 
printing industry for several cen- 
tures, has been under way for the 
past three years but gained momen- 
tum when Mr Rupert Murdoch 
moved his four national titles to 
Wapping more than a year ago. Pa- 
pers such as the Daily Mail are 
| b uilding modern printing plants in 
foe docklands and moving their 
journalists out of Fleet Street - in 
the Mail's case to Kensington, 

| above a department store. 


Other newspapers on foe move 
indude the Observer which is mov- 
ing its editorial offices to Battersea 
in South West London. Next month 
foe near-neighbours of the Express 
in Fleet Street, the Daily Telegraph 
journalists, move to the Isle of 
Dogs, also a former dock area, 
where their modem new printing 
plant has been built. 

When they all leave, the Fleet 
Street pubs will be left entirely to 
the lawyers from the near-by High 
Court "rid the growing number of fi- 
nanciers as foe City of London fi- 
nancial district spills over into Fleet 
Street 

United has been working on a 
comprehensive package for the fu- 
ture of its newspaper, in- 

cluding a move to direct input of 
copy by journalists, for more than a 
year. 

The plants are likely to mean the 
loss of a further 2,000 jobs on top of 
more than 24)00 which went last 
year after a closure ultimatum to 
unions. 

The Express headquarters in 
Fleet Street, built by Lord Beaver- 


The Daily Express Fleet Street 
bnjMmg 

brook and now a fisted building, is 
to be sold, and journalists moved to 
lnvicta Plaza, south of the river at 
Blackfriars. 

The northern editions of the 
newspapers will be printed on new 
presses at the Express's Manches- 
ter printing hall and at a new Unit- 
ed Newspapers plant at Broughton 
near Preston. 

The papers for foe northern edi- 
tion will, however, be ma de up in 
London and pages transmitted by 
forvmife machine. 

Continued on Page 20 


Overseas 2-5 

Companies 21-23 

Britain 6-8 

Companies 24 


A|H MElnlBHff ntB taa tl 12 

Ap p o in tments a dve r t is ing 

Arts -Reviews 

World Guide 17 

Crossword » Weather 




Editorial comment 


Eurobonds 


Euro-options 






Lot 


Management 


Men and Matters 

Money Markets ........ 


Stock markets -Bourses 

....34-10 

-WaB Street. 

....37-40 

-London .. 34-35.37.40 

FT actuaries word index. 


Unft Trusts 

.... 30-33 



THE 

MONDAY 

PAGE 

INTERVIEW 


Boger Smith, 
chairman of 
General Motors, 
Page 16 


Justinian: anomalies of a high office . 16 
City of London: this time redevelopment 

is not a monster 18 

Editorial comment: Gatt disciplines un- 
der strain; the inner-cily bandwagon . IB 
Brazil: a new but fragile mood of confi- 
dence 19 

Europe: time to tackle the malaise .. . 19 

Chernobyl: a year later 20 

Lex: Lloyds; German earnings ...... 20 




US seeks to 
speed reform 
in S. Korea 


BY LIONEL BARBER IN WASHINGTON AND 
MAGGIE FORD IN SEOUL 


A SENIOR US State Department 
official, Dr Gaston Sigur, is due to 
arrive in Seoul today on a delicate 
mission to promote a compromise 
over political reform in riot-tom 
South Korea. 

visit comes as police continue 
to crack down in provincial cities, 
arresting more than 1,000 people in 
Pusan yesterday following serious 
rioting the night before. 

Dr Sigur said yesterday that he 
would have “very broad exposure” 
during his visit, which suggested he 
wouldseek talks not just with Pres- 
ident fhrm and the ruling party, 
but also with opposition leaders. 

Dr Sigur’s emergency mission fol- 
lows almost two weeks of street 
protests over Mr Chun's decision to 
end debate an the choice of a suc- 
cessor and general frustration with 
the slow pace of democratisation. 

The diplomatic intervention of 
the US reflects Washington's con- 
cern over stability in South Korea, 
which is a close political and mili- 
taiy ally. 

Dr Sigur, asked on US television 
about the possibility of a coup by 

foe Smith Roman militar y sai<b 


DESPITE the violent demonstra- 
tions which have rocked South Ko- 
rea over the past 12 days, prompt- 
ing fears that law might be. 
imposed, there appears to be no im- 
mediate threat to next summer’s 
Olympic. Games, due to be held in 
the country’s capital, SeouL 

Mr Charles Palmar , et yurman (j 

the British Olympic Association, 
s aid at foe weekend that prospects 
for the games were "absolutely un- 
changed* and only an act of war 
would cause them to be cancelled. 

However, the International Olym- 
pic C tommi ttoe Ham problems 
arising from South Korea’s political 
crisis. 

First, foe rioting and warnings 
from Mr Lee Han Key, the South 
Korean Prime Minister, that emer- 
gency measures may be introduced, 
could cause countries or individual 
athletes to pull oat, or deter tour- 
ists. 

Second, there is always the pos- 
sibility of a games boycott by one or 
Other of the superpowers, a pros- 
pect heightened by hints from Rus- 
sian officials last week that the 
country might be forced to take 
such action. 




m 


1,1 Hit'll 

(•ini'll* I 
ill'll'*' I 


Africa seeks 
road to 
recovery. Page 4 


/• . 

v>?r. «-*;•#. \ . 

> • - "> ■> • .1 


That is always a possibility, but I 
dont think it is a serious problem at 
this time.’’ 

President Reagan is believed to 
have sent a letter to President Chun 
last week pressing him to resume a 
dialogue with the opposition parties 
and urging him not to overreact to 
the street protests which have been 
led by students and supported by 
th* Korean middle 

In Pusan over the weekend dem- 
onstrators took over SO buses and 
an ail tanker. Police were forced to 
call for reinforcements from other 
provinces, and in an effort to calm 
down South Korea’s main industri- 
al city public transport was yester- 
day suspended. 

Although Seoul was quiet after a 
number of incidents on Saturday, 
sporadic outbursts of violence oc- 
curred elsewhere. In Taegu, hnmp 
town of President Chun, two gov- 
ernment buildings were set on fire. 

Dr Sigur said he supported calls , 
for electoral reform, an end to press 
censorship and a dialogue about po- 
litical change. "Change has got to 
place... "rtd talk is not 
enough, there has gut to be actum.” 


Prospects for Seoul 
Olympics ‘unchanged’ 

BY MICHAEL THOMPSON-NOEL IN LONDON 


Third, and a potentially more 

Bffipi B faniiiriiP far tht* rnTninH wi, 
is foe Hpmanri by tim country ’s 
Communist neighbour. North Ko- 
rea, that it should be allowed to 
stage more sports and events than 
those already allocated to isL Next 
mo nth, officiate from both countries 
will meet at the committee’s head- 
quarters in i^mwiii, Switzerland, 
to foe issue. 

Mr Palmer conceded that the 
South Korean GovCTment faced 
serious problems, "formerly, that 
country would have put down stu- 
dent unrest with the g reatest des- 
patch, There would have been 
several hundred deaths, and that 
would have been that But South 
Korea is trying to soften its image, 
so it’s caught in a squeeze - trying 
to be nice to tiie demonstrators be- 
cause of the Olympics while the 
demonstrators are nasty to it* 

To summise that the Seoul games 
are in any greater jeopardy than 
other Olympics of the past 20 years 
is to underestimate the determma- 
fon of the international committee 
to make sure they are held. While 

Continued on Page 20 


••••v v ,f 


Kmt Waldheim 

Vatican 

defends 

Waldheim 

visit 

By Alan Friedman in Milan 

THE VATICAN attempted yester- 
day to calm the growing controver- 
sy over this week's planned state 
visit by President Kurt Waldheim 
of Austria to the Holy See. The 
meeting with Pope John Paul H, 
planned for Thursday, will be Mr 
Waldheim's first foreign trip since 
he was elected a year ago. 

The Vatican defence of Mr Wald- 
heim's visit amid numerous 
international protests against the 
Pope’s plan to receive the Austrian 
leader, who is accused of involve- 
ment in Nazi war crimes during the 
second world war and who has been 
hannuH from m»lring an pfffeifll vis- 
it to the US. 

With foe Italian Government di- 
plomatically ridestepping any visit 
from Mr Waldheim, ftpe John Paul 
II has been sharply criticised by 
Jewish groups in Italy, the US and 
Israel and by some Italian politi- 
cians for his itortmnw- 
The Waldheim visit to the Vati- 
can, which follows a request from 
Vi enna , is being seen in Italy as a 
highly embarrassing matter, which 
foe Jewish community in Rome 
says amounts to an official absolu- 
tion of Mr Waldheim by the Pope. 
Mr Elio Toafh the chief rabbi in 
Rome, sent a telegram of protest to 
Pope John Paul n in which he ex- 
pressed outrage at “this act of re- 
habUttating a person who is su- 
spected of complicity in war 
crimes." 

Rabbi Toaff added that it was 
■fetrauge and worrying" that the 
Vatican should place itself along- 
side those few countries such as 
Libya, Jordan and Uganda which 
have invited fife Waldheim for a 
state visit 

The Holy See yesterday re- 
sponded by rejecting all criticism of 
foe meeting between Mr Waldheim 
and the Pope and by saying the Vat- 
ican is "profoundly surprised and 
pained” by the criticism. 

In a lengthy communique the 

Continued on Plage 20 


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financial Times Monday June 22 1987 


/i 


OVERS EAS NEWS 

Lionel Barber on the President’s plan for an economic bill of rights Peruvian 

Reagan launches budget ‘roadshow’ ‘ t ^ orist 

dismantled 9 


WHEN President Reagan 
arrives today at the dictaphone 
plant by the Indian River, on 
the coast of Southern Florida, 
he will launch what he grandly 
Aaiis “ an economic bill of 
rights.” 

Hare prosaically, the presi- 
dent's subject is budget reform, 
and over the next few weeks 
he will take his message to 
other American businesses and 
communities. 

Back in Washington, there is 
deep cynicism about Ur Rea- 
gan’s road show. The views vary 
from the over-simplistic — the 
president just want to get out 
of town when the big bombs 
drop at the Irangate hearings— 
to the Machiavellian — Mr Rea- 
gan is using budget reform as 
a smokescreen for inaction. 

" The problem is not the 
process,” says Mr Robert Byrd 
Senate majority leader. “The 
problem is the president who 
is leading a party that won’t 
participate.” 

Confrontation between the 
Democrat majority in Congress 
and a second-term Republican 
president has implications way 
beyond domestic US politics. 

The $200bn US budget deficit 
is widely blamed for creating 


community. Any successful Lawmakers are tinkering 
move to cut the deficit would with the idea of excise taxes on 


have an immediate effect on petrol, cigarettes, liquor and 
currency and financial markets, beer— moves which have 


This week, both the House of 

Representatives and the US *** c,cadas to ^P* 01 HUL 


Senate will pass a trillion- Reconciling revenue with 
dollar budget for fiscal year spending will be difficult, in- 
1988, starting this October 1, volving painful choices for 


thus setting the stage for a Democrats who know their 
prolonged battle with the Presi- budget will set part of the 
dent on tax and defence political agenda for the 1988 


the 1988 


policies. 

It win appear long on rhetoric 


presid ential campaign. 

But those dose to the budget 


and short on substance, but be- process say their main aim is to 
hind the scenes in Washington, establish the principle of tax 


Democrats are already laying r * ses . . *od force a stubborn 
plans to corail the President president to swallow it. 


and force him to do a deal. 


The challenge therefore will 


Mr Reagan has so far ruled to put together a package 
out talks because he says he which the President will find 


will not approve tax increases hard to refuse, incorporating 
and he objects to cuts imposed tax rises, marginal defence 


by Cc egress on defence spend- spending squeeze, and the 


ing. President's own baby, budget 

In his own budget last reform. 

January, Mr Reagan requested **we believe the White 


a 3 per cent real Increase in House has made a big tactical 
defence spending to $312bn. in taking the president 

House-Senate talks last week q U ^ gj town. That enables us to 


produced a compromise figure ^ initiative” sadd one 

of S298bn and a proposal for a * 


ui » fvinffTASRman 

tax increase of ?l9Jbn. as yet con S ressm 


undefined. 


One strong indicator of the 


He secured House agreement 
by saying that the $296bn for 
defence would only work if the 
president agreed to a $19J3bn 
tax rise; If not, defence spend- 
ing would fall to $289bn. 

The best opportunity to pur- 
sue this carrot and stick 
approach with the White House 
will come next month when 
Congress considers a ball to 
raise the national debt ceiling 
so the US can continue to issue 
securities to pay its bills. 

Senator Chiles has attached 
his tax-raising bill to the debt 
bill, a shrewd move since the 
president must sign a debt bill 
so the US Treasury can con- 
tinue to borrow. 

Failure to do so could cause 
the Treasury to back off. forc- 
ing higher interest rates and 
costing billions. 

“The idea is to trap the presi- 
dent into exerting responsibility 
for the mess,” said one con- 
gressman, noting that the 
second most important target 
was the White House chief of 
staff and former senate Repub- 
lican majority leader. Mr 
Howard Baker. 


Indian President’s move ^ 
averts crisis for Gandhi 'P 


BY JOHN ELUOT M NEW DELHI 


ether global economic imbalan- 
ces and is a source of concern 
throughout the international 


The next stage wffl be to Democrat strategy will be the 
send the figures to the Demo- two track defence/tax proposal 


crate tax writing committees put together by Senator Lawton 
who will figure out who is Chiles, who chairs the Senate 


going to stump up «be $19 Jbn. budget committee. 


“Baker knows the score be- 
cause be was cm Capitol Hill 
when the budget deficit built 
up. We know be wants to talk 
with us.” 


Eiqotrcirfnigyoufco ap fcni gatf yco}^ of ifaefinaacnl Tunes wticn you wr irjvdtatop teftcOclcri flkbafrom - 

■ . I B inawwg nth Linar 

FINANCIAL TIMES 

— „ )i , ■ m ,p n i — 


By Barbara Durr in Lima 

THE PERUVIAN GOVERNMENT 
claims it failed a terrorist plot to 
black out Lima and unleash a series 
of attacks across the city. Police de- 
tained 30 people suspected of being 
invoked in the plan. 

Friday was the first anniversary 
of a massacre at three lima pris- 
ons, where between 250 and 300 in- 
mates accused of terrorism were 
killed by the military police. 

Mr Abel Salinas, the interior min- 
ister, issued a communique saying 
intelligence sources had uncovaed 
toe plan which was said to have 
been timed for Friday night. This 
would have coincided with the first 
anniversary of the massacre at 
three Lima prisons, where between 
250 ami 300 inmates were killed by 
military police. 

The Minister warned Lima’s citi- 
zens to “take the necessary precau- 
tions," a phrase that caused near 
panic as workplaces, restaurants 
and bars rushed to dose eariy, leav- 
ing the streets virtually deserted at 
the usually busy hour cf 9 pm. 

While the Government put toe 
armed forces and police on alert, 
the Sendero Luminoso guerrilla 
group held its first open public ral- 
ly. Under a three-storey high red 
banner with a bright gold hammer 
and in flw centre, the guerril- 
las paid homage with speeches, mu- 
sic ami poetry to the prisoners. 


THE RISK of a fresh political crias 
bitting Mr Rajiv Gandhi, the Indian 
prime minister, was averted last 
night when Mr Zafl Singh, the coun- 


spread, would have seriously under- 
mined Mr Gandhi's chances of sur- 
vival in power. 

However, after a weekend of poi- 


Following last week’s trouncing 
of the Congress I in toe Haryana 
state electrons, opposition leaders 
tried over the weekend to com- 


uj a yi c Bi ucu h him a 

in Mr Gandhi's Congress (I) party, 
refused an offer from opposition 
parties to detect and become their 
ranriiHnta in elections next month 
for a new president 


The opposition’s aim was to pro- 
vide an opportunity ter Congress I 
MPS to demonstrate th e i r dissatis- 
faction with Mr Gandhi by voting 
secretly in the presidential election 
for Mr Singh. Such a revolt, if wide- 


Mr Singh las t nigh t told Mr G andhi 
he stood by his recent derision not 
to seek a second term and that he 
had no intention of doing anything 

“ nncnns li fartinnar '- 

Mr Singh, who has had major 
dashes bordering on a constitution- 
al crisis with Mr Gandhi in recent 
months, will retire in five weeks 
and is not being offered a second 
term by Congress L 


persuading Mr Singh to leave his 
party and become their nominee 
against tha nffw»ial Congress I cand- 
idate, Mr R. V gnic a t a re man, the 
vicepresident. 


The opposition parties will today 
chose Mr Krishna tyer, former su- 
preme court judge, as their presi- 
dential candidate flHhnn gh, lyjt hp ITt 
a Congress X revolt, he has no 
rfi pnw* of winning. 


Debt likely to top IMF agenda 


BY DAVID LASCELLES M HAMBURG 


THE IMPACT of the recent large 
provisions made by international 
banks against their 'Hurd World 
loans is expec t e d to f foywinafr* dis- 
cussions at the International Mone- 
tary Conference which opens here 
today. 


Bankers said here last night that 
toe recent wave of provision mak- 


The three day session attended 
by the rttoirman of the world’s 100 
largest banks win be addressed by 

top fi"nnrinl i printing Mr 

Paul Volcker, toe outgoing' chair- 
man of the Federal Reserve, and 
Mr Gerhard Stohenberg, the West 
German finance Minister. 


ADVERTISEMENT 


INSiDE CORPORATE STRATEGY 


Enso-Gutzeit: 


A Taste for Controversy 


12S? V*v. 




“ I bm never believed to diversification,' 1 admits the president of Enso-GubefL 
P8atH Salmi, tbe outspoken bead of Finland's largest papermaker. Is not afraid of defying 
tradition* 


Ten para ago, there wen fears that Enso’s losses might never be stemmed, 
blessly s treamli ned the company and revitalised management and marketing, 
the torn -around was celebrated with three major acquisitions. Enso-Gntzeithas 


retaken Its leading position in the Ftaeisfa forest Muby.' 


Ar Patrick H n l wft NonOe CommoofcaUoas Corpor a Ooo 



SaM of H wo Batziit- “Dotal wtat wo do hot." 


While other papermakers were 
pondering link-ups with 
engineering, Enso-Gutzeit was 
slimming back down to being a 
papermaker. "You can only oper- 
ate with credibility if you know 
your business,” Salmi says. “Our 
people know tbe paper busi- 
ness.” 

“Previously we were in the 
shipping business, we had 
machine works, we even pro- 
duced flexible packaging, which 
is plastics. We restructured this 
company to get rid of all unneces- 
sary assets, and put all the money 
into what we know.” Salmi 
describes Enso’s sector as “any- 
thing to do with wood. We buy ten 
million cubic metres of it Our 30 
plants process it Then we see 
what the bottom line is.” 


Assertive new line 


Salmi dismisses the theory of 
diversifying to escape the cycli- 
cal nature of the paper business. 
"It is cyclical only if you are in 
bulk products. That is why we 
have restructured oar product 
selection. With the help of our 
research centre, we. have 
developed new specialty pro- 
ducts aimed at narrow segments, 
which are not disturbed by busi- 
ness cycles. One example is 
liquid packaging board— milk 
has to be packaged every day 


whatever stage of the business 
cycle you are in.” 

The company’s new success 
and assertiveness was reflected 
in its decision to withdraw com- 
pletely from Finnpap, the 
Association of Finnish Paper 
Mills, from tiie start of this year. 
The main reason, says Salmi, was 
that Finnpap marketing rules 
were hindering Enso-Gutzeit’s 
innovations. "When you’ve 
invested 300 million Finnish 
marks into producing an adv- 
anced kind of printing paper, 
you’d be crazy to let anything 
stand in its way.” 

The company is now challen- 
ging its rivals head on "but being 
outside Finnpap gives us an 
advantage in speed and flexibil- 
ity over the companies still 
inside We have gone a long way 
in delegating authority and 
responsibility, and our people 
can make very quick decisions.” 

Enso-Gutzeit dates back as far 
as 1872. Its Norwegian share- 
holders sold most of their shares 
to the newly independent state of 
Finland in 1918, bequeathing 
only the name to ftiture opera- 
tions. The state has had a major- 
ity holding in Enso-Gutzeit ever 
since, though it's also quoted on 
the stock exchange and has 
nearly 20,000 private share- 
holders. 


Perils of politics 


State control was one factor in 
the deterioration of company 
finances in the 1970’s, but Salmi 
sees the politicisation of com- 
panies as something not confined 
to the public sector. “The trouble 


able place to put the money, than 
Eurocan,” he insists. 


“In fact it would make sense to 
increase our investment in the 
USA or Canada If we transferred 
our technology to North America, 
then using our export oxganisa- 



ENSO 


RjMc Affairs Department. PL 309. SFOOIOL Helsinki. Finland 
Telephone 358-0-16291. Telex 121438 enso sf 
BBS 1982 1989 1984 1985 1988 

RM million 5454 5 716 6 902 6 665 7129 
margin RM minion 444 817 1 167 985 1 121 

t HM million 558 352 984 767 1 22S 


KV*MO 

Turnover 
Operating margin 
Investment - 

Return on capital employed % 
Itet Interest prid, W of turnover 


444 

817 

1167 

558 

352 

984 

2.2 

5.5 

10.6 

n.7 

10.6 

8 J3 


985 1121 
767 1 22S 
9.0 10.1 
7 A 6 A 


always begins if top management 
has personal goals that are diffe- 
rent from those of the company, if 
the chairman has political ambi- 
tions, that is the start of a 
disaster.” 


Development of market value of series A shares 
(KOP-bank share index 1981/1 • 100) 



Today, Enso-Gutzeit is back in 
the hands of professional mana- 
gers. Only in one area does Penttl 
Salmi concede that state owner- 
ship affects management deci- 
sions. “I can very well under- 
stand why private Finnish paper 
mills are investing in Wales, or 
Germany or Scotland, but in our 
case the decision-making process 
is more difficult Our first prior- 
ity is to take care of domestic 
investment” 


Eurocan booms 


Even so, Enso-Gutzeifs chair- 
man is strongly resisting press- 
ure to sell the company’s one 
major overseas asset its Eurocan 
paper and saw mills in British 
Columbia, Canada, jointly owned 
with West Fraser Timber. "I don’t 
think 1 could find a more profit- 


tion we could certainly make 
money.” 

The forest policies of the state 
get short shrift from this ico- 
noclastic public servant “Finn- 
ish paper companies are not only 
establishing themselves abroad: 
we're also doing a lot or research 
in reducing the wood content of 
paper. This is evidence of two 
things— that our wood prices are 
too high and that supplies are too 
uncertain.” 

Much of Finland's forests are 
owned by private farmers, who 
have a strong central organisa- 
tion. “We can never be sure if we 
are going to get all the wood we 
need for next year, and what 
price we are going to have to pay. 
Our purchasing organisation has 
to make over 15,000 contracts 
every year.” 

Salmi is urging the new govern- 
ment to rework its policy towards 
the paper industry, “it does not 
make sense to scare investment 
away from this country when we 
have unused reserves of wood 
here.” Not that he expects mira- 
cles: “Finland just isn’t run as 
efficiently as Enso-Gutzeit!” 


lars meant that resolution of the 
debt problem had moved into a new 
phase. 

Ho w e ve r, it was stiff un c lea r 
what effort the provisions would 
have on relations between toe 
Knwita anrf their sovereign debtors: 
whether it would fac i lita te or choke 
off the flow of new money. 

Mr John Reed, the chairman of 
Citicorp, who started the round of 
provisions with a $3bn charge last 


month. Is among those attending 
the event 

The conference will also discuss 
international monetary reform, fi- 
nancial regulation and toe Euro- 
pean market On Wednesday, lead- 
ing central bankers will review cur- 

rent fmanwHl and h anking affair s.. 

Apart tram Mr Voteker, they in- 
clude Mr Robin Leigh Pemberton, 
Governor of the Bank of England, 
Mr Jacques de Larosiere, Governor 
of the Bank of France, Mr Takeshi 
Ohta, Deputy Governor of the Bank 
of Japan, and Mr Kail Otto PSbl, 
president of the Bundesbank. 


China opens its 
door to marketing 


IT WAS not unusual for there to be 
talk of “revolution” in toe Great 
Hall of the People, and "global 
strategy” is a term toe Communist 
Party has employed. Yet the dosing 
[ day of China’s hugest advertising 
conference must have disturbed the 
sleep of Mao Zedong, who Ees only 
a few hundred metres from the 
Great HaEL 

As it has been, foe toe past week, 
the Third World Advertising Con- 
gress was filled with compliments 
for first world marketing success 
stories such as Coca-Cola and 
McDonalds, and punctuated by opti- 
mistic projections for a China that 
has b^un to play by the industry's 
rules. 

"We have heard so much about 


Robert Thomson in Peking 
reports on China’s largest 
advertising conference - an 
event filled with compli- 
ments for Western market- 
ing success stories such as 
Coca-Cola and McDonalds 
and punctuated with opti- 
mism that China has begun 
to play by the rules of the 
industry. Chinese officials 
used the occasion to assure 
foreigners that the “open 
door” policy would remain 


in place despite turbulence 
within the Communist Par- 


within the Communist Par- 
ty in recent months. 


Coca-Cola that I expected toe — 1 — ~ 1 • / ■> 

Queen to be aiming in on a horse recent Ja toe Communist 


drinking a bottle,” joked tiie head of Party. . 
a corporate sp ons o r s hip consuttan- While Chinese speakers s uc h as 


cy, after delegates were shown a se- Mr Jin Guiq^ chief of the state ad- 
lection of BBC clips - including a ministration of industry and corn- 


few of the British Ro yal F amily - m erce's advertising department, na- 
with the in tention of proving that, turally focused on -the state's inter- 
file network has something for ev* ests and China's "four modernisa- 
ery sponsor. toms," foreign speakers were prod* 

A few minutes earber, Chinese uct and sector-oriented, 
delegates had been addressed on a delegate from Shanghai found 
global bra n d ing and the Heinz the Western jargon “a bit confus- 
ketchup experience, that is, how the w» f but thought a few of the dis- 
Heinz company convinced the west- cussions were enlightening^ parti- 
era masses that their ketchup is culary a session on the fashioning 
“fiuckerMd^her" than the rot of an image for exported Chinese 
Then, the Tdaho potato concept" ^nv 
was discussed -all this in the home Many of the foreigners, who al- 
of the Communist Party' ready know all about “global brand- 


The executive vice-president of ing", were there to meet Chinese 
Nestle, the International food Import and Export Corporation ofS- 


group, Mr CamiHo Pagano. was . rials in the hope of. a deal or two. 
asked whether global branding un- The get-together was brought to a 


demined toe idiosyneracies of to!- dose with awards to Chin^t adver- 
ferent nationalities - the Chinese tisements for work boots and Mao 


are very sensitive about “Westerni- Tai, the fiery grain spirit And there 
sation" and so are in the midst of a was a speech from Mr Humayun 


campaign against “bourgeois lib- Gauhar, toe publisher of South 


erahsmj 


ma g azine, which sponsored the con- 


Mr Pagano explained that in the gress in conjunction with the 
pase of Nescafe, his company had National Advertising Association 


kept the brand but varied the coffee for Foreign Economic Relati ons 
to suit each country's "culture of and Trade. 


coffee” - a culture yet to be refined Mr Gauhar became very spiritual 


in a country of one billion tea drink- toward the end of his address. He 
ere * ™ sponsorship, the Chinese explained that <«mninnimK^ n 


5? •« representative at the heart of advertising, and if 
uiat with the ynew economic reali- you cant communicate you cant ad- 


ty,” sponsorship is “an idea whose vertisa “And the heart of comrauni- 


time has come. 


Therewere about 1,500 delegates, call the word.’ 


cation is what the great religions 


600 of them Chinese, at toe five day He finished off the congress with 


conference, which .ended on S*» 

in China, and a book thatwfll have 
tage of the occasion to assure toe trouble finding a corporate soonsor 
attending foreigners that the “open here: -foth?b 

word and toe word was with God, 

despite the political turbulence of and the word was God.” 


CREWE & NANTWICH 

H^ZSSfSS* T1m “* ’• Propoiloa 
publishing this survey pii“ 


MONDAY JULY 20 1987 

Fat full detail* contact: 

BRIAN HERON 
on 061-834 9381 
Telex: 666813 


FINANCIAL TIMES 

RjfO’reajSNessPtwsw'tR 

F nd Publication 
dot** ot Surveys m the Financial 
Timas arm subject t a change at Ota 
discretion ot tho Editor 


FINANCIAL TIMES 

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Financial Times Monday June 22 1987 


OVERSEAS NEWS 


White House Dubai aids 

halts new deals 
with Toshiba 


BY DAVID BUCHAN IN WASHINGTON 


THE US Defence Department 
has temporarily stopped doing 
any new b.tsiness with Toshiba 
because of the involvement of 
a subsidiary of the Japanese 
company in selling sensitive 
naval technology to the Soviet 
Union. 

The Pentagon's suspension of 
new dealings with Toshiba 
started in April and will last 
until there is “ a satisfactory 
resolution of this entire 
matter”, according to Dr Steve 
Bryen. head of the department's 
technology security division. 

The move is the minimum ex- 
pected action by Washington 
against Toshiba, given consider- 
able Congressional anger over 
tbe sale of sophisticated milling 
machines allowing Moscow to 
make better and quieter 
propellers. 

At a hearing last week, 
several senators called for a 
temporary ban on all Toshiba's 
high volume electronics sales in 
to the US. 


For the time being, tbe 
Administration does not favour 
such widespread action while 
1983-84 Toshiba machine sales 
to the Soviet Union are still 
being investigated by tbe 
Japanese authorities. 

But the Pentagon action 
alone may have lost Toshiba 
a $100m contract to supply the 
US Air Force with some 90,000 
mini - computers. Competi tion 
for the contract has recently 
been reopened without Toshiba 
being allowed to bid. 

Japan is a member, along 
with Nato countries, of the 
Paris-based co-ordinating com- 
mittee which bars the sale of 
militarily sensitive or useful 
technology to the Soviet Union 
and its allies. 

Current Cocom rules pro- 
hibit the sale of machines with 
more than three independently 
operating, numerically con- 
trolled axes — each axis allows 
the machine to carve metal in a 
different plane. 


Philippine agro loans 
hit by land proposals 


BY RICHARD GOURLAY M MANILA 


MANY o£ the Pfaffippine’s largest 
hanfa have temporarily stopped 
malting agricultural loans because 
they are uncertain how their colla- 
teral will be affected by a proposed 
new l«ud reform that President 
C prazm Aquino says she will ap- 
prove shortly. 

The temporary freeze is hitting 
none more than the sugar planters, 
who will eventually be the target of 
the programme to redistribute land 
to landless farm workers. It has al- 
so started to restrict credit to the 
rapidly expanding prawn industry 
which the Government holds up as 
an example erf a sector into which 
sugar planters should be d iv ersi fy - 
ing. 

The temporary credit freeze was 
imposed by most banks in early 
June. It comes amid an intense de- 
bate over whether sugar and coco- 
nut lands should be covered in the 
land reform programme. 

Mrs Aquino ha« promised to ap- 
prove a land reform prognnme fay 
decree before she lores her power 
to legislate by fiat to a newly elect- 
ed Congress on July 27. However, 
the top level cabinet committee that 
is looking exclusively at land re- 
form has not agreed what lands it 
should cover or how to finance it 

Prawn cultivation has been grow- 
ing rapidly, especially in Negros 


where a monocrop culture based on 
sug ar has grown up. In 1988 the 
Philippines exported over S103m of 
prawns, mainly to Japan, up from 
S63m the previous year. 

By contrast, last year the country 
exported $87m of sugar, down from 
$169m in 1985. However, entire 
communities and, in the care of Ne- 
groes, almost an entire island, re- 
main dependent on sugar far jobs. 

The h ank freeze is effectively lim- 
iting loans to fan n ers who can offer 
as collateral assets other than land 
It could further reduce sugar yields 
during the growing season because 
farmers will be forced to cut back 
on fertilizers. 

Early drafts of the land reform 
programme suggested all farm land 
would be split, leaving landlords 
wite a maximum of seven hectares. 
Recent discissions suggest some 
exclusions might be made for sugar 
and coconut estates for agribu- 
siness ventures, in order to find 
ways to redistribute land without 
harming productivity. 

Uncertainty - and therefore a 
credit freeze - could well continue 
beyond Mrs Aquino's decree next 
wvrnth. Some observers believe her 
decree will only signal general di- 
rections to Ite new Congress on the 
ferm of the sugar and coconut land 
reform. Congress would then be left 
to decide the details. 


restoration 
of Sharjah 
ruler 

By Angela Dickson in Abu Dhabi 
IN THE early hours of yester- 
day morning United Arab 
Emirates television and radio 
flashed an announcement that 
the constitutional crisis sur- 
rounding the rule of Sharjah 
had been resolved. 

Sheikh Sultan bin Mohammed 
al Qassimi is to be reinstated 
as ruler, and his brother. Sheikh 
Abdul Aziz bin Mohammed al 
Quassimi, who seized power 
last Wednesday, is to be made 
Crown Prince. 

The affair, which caused con- 
siderable concern to the West- 
ern powers as well as to neigh- 
bouring states and emirates, 
was successfully averted by 
constitutional means and with- 
out bloodshed. 

Dubai's prompt action in sup- 
porting tbe legitimate ruler. 
Sheikh Sultan, within hours of 
the announcement that be had 
resigned, was tbe turning point 
in the crisis. But it was a 
further 24 hours before Abu 
Dhabi was fully convinced of 
the need to take this stand. 

It was only after three days 
of consultations that full unani- 
mity was achieved and Sheikh 
Abdul Aziz persuaded to accept 
the compromise. 

According to those close to 
the action. Sheikh Hamden bin 
Rashid al Maktoum of Dubai. 
Minister of Finance, and son of 
Dubai's ruler Sheikh Rashid, 
was largely instrumental in 
bringing the parties together 
and in keeping matters cool 
when they threatened to 
escalate. 

In the context of the tense 
situation in the Gulf, the quick 
and non-violent resolution of the 
crisis, coming as it did, after 
consultation between all the 
emirates, has had a stabilising 
effect. It demonstrates the co- 
hesiveness of the federation 
after 16 years of existence. 

But there may be other effects 
of the incident within the UAE. 
"The fall-out will be consider- 
able," said one Gulf watcher. 
Abu Dhabi could find iteself 
open to criticism for what may 
have appeared a flam'd and be- 
lated response to the crisis. 

Relations between Abu Dhabi 
and Sharjah may take some 
tiiwfl to nut back on their for- 
mer footing, while those be- 
tween Abu Dhabi and Dubai are 
unlikely to become wanner as a 
result of the past week’s events. 



Hrcbollah accused of 
Glass kidnapping 

MR ADEL OSSEIRAN, the 
Lebanese Defence Minister, yes- 
terday accused the pro-Iranian 
Hizbollah militia of having kid- 
napped last week his son and 
Mr Charles Glass, a US 
journalist, Reuter reports from 
Rmeifeh, Lebanon. 

“ They are with Hizbollah. It 
was confirmed,” he said at his 
family mansion 20 miles south 
of Beirut. 

Hizbollah has denied any link 
to the abductions. 

Mr Glass was the first 
foreigner to be kidnapped since 
more than 7,000 Syrian troops 
were sent into west Beirut four 
months ago to restore order. 
Twenty-nine foreigners are 
missing, believed kidnapped, in 
Lebanon. 

Mr Osseiran said there would 
be “ surprise " developments 
soon concerning all the foreign 
hostages. He did not elaborate. 



MAHMOUD K. SHAKARCHI SA., Geneva 

and 

PAMP S.A. 9 Castel St Pietro 


are pleased to announce that 


PAMP SJl. 


is a 


« London Good Delivery* 
Brand 


as of 11th of June 1987 


EXCLUSIVE WORLDWIDE DISTRIBUTORS: 

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^ 1211 Geneva U - Switzerland _ 

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Maggie Ford in Seoul reports on strong American hopes for a swing towards democracy 

US Pacific strategy at stake in South Korea 


AS South Korea s politicians 
inched their way at towards a 
solution to the crisis brought 
on by massive demonstrations, 
newspaper readers were 
anxiously searching yesterday 
for ducts to the US attitude. 

The picture was unclear. Mr 
James Lilley, the US Ambassa- 
dor to Seoul, delivered a letter 
to President Chun Doo Hwan 
on Friday from President 
Ronald Reagan, in which the 
US leader reportedly urged 
restraint in dealing with the 
unrest. A two-hour discussion 
followed. 

Mr George Shultz, ending a 
visit to the Philippines, urged 
the resumption of dialogue. 
“ This problem of managing 
transition in a country from 
one kind of government to a 
more democratic government is 
extremely tricky." be said. 
Citing Iran and Nicaragua as 
cases where it had not worked, 
he said the US paid a heavy 
penalty, and therefore had a 
big stoke in seeing the move- 
ment to democracy proceed. 

The stakes for the US on the 
Korean peninsula are indeed 
high. Since the end of the 
Korean War in 1953, 40,000 US 
troops have remained in the 
country to protect it against the 
threat from the communist 
North. 

In addition, US views 


South Korea as a vital part of 
its Pacific defence strategy, 
which includes Japan, Taiwan, 
the Philippines and Australia in 
an anti-Soviet informal alliance. 
Nuclear missiles in South Korea 
counter those in the Soviet Far 
East and. until Japan can be 
persuaded to engage in a higher 
defensive posture, the US 
regards South Korea as a key 
component of its strategy. 

That strategy presupposes 
stability on the peninsula, a 
stability which some analysts 
view as being threatened not 
only by civil unrest but by a 
transition to what they see as 
the wrong kind of democracy. It 
is at this point that a clash 
between US interests and the 
will of the South Korean people 
could take place. 

Ever since President Chon 
Doo Hwan took power in a 
military coup in 1979, South 
Koreans have suspected that 
although the Reagan Admini- 
stration says it supports demo- 
cratic change, it actually prefers 
a strongman to be in charge who 
can guarantee loyalty to US 
security interests. 

Although US officials deny 
any such policy, anti-American- 
ism, especially among the edu- 
cated middle class and students, 
has grown as a result, exacer- 
bated by Congress' harsh line on 



Bob Tae Woo: sounding a 
warning note 


trade issues and the Administra- 
tion's inability or unwillingness 
to check it 

Even Mr Roh Tae Woo, the 
former general and hand-picked 
successor to President Chun 
struck a warning note at tbe 
ruling party's national conven- 
tion last week. The opposition 
should join with the ruling 
party to cope with the self- 
seeking rivalry among the big 
powers over the future of Korea 
and with the increasingly 
vicious trade war," he said. 

Mr Roh was at that time 
seen as the puppet of President 


Chun and his election as the 
party’s presidential candidate 
at the convention sparked off 
the present unrest. People pro- 
tested against a further seven 
years of military-backed rule. 
Since then- Mr Roh has 
attempted to distance himself 
from President Chun and to 
show the people that be is in 
favour of genuine democracy. 
Although he bas some way to 
go, observers believe he bas bad 
some success. 

Should democracy come about 
In South Korea, whether 
through the ruling party or the 
opposition, the Americans would 
probably face a more 
nationalistic stance on trade, a 
virtual ban on interference in 
domestic politics (which the 
US denies doing) and a prob- 
able increase in efforts towards 
unification of the peninsula 
which might change the status 
quo. 

Against that, a democratic 
triumph in Korea would be a 
feather In the cap of this, or 
any future, Administration. 
Clear support for genuine 
democratic change by Washing- 
ton would also go a long way 
towards dispelling the growing 
anti-American feelings in South 
Korea. 

The strong commitment to 
anti-Communism by South 
Koreans is not in question and 


the country remains free of 
terrorism and insurgency, so 
that in the medium term, US 
security interests would prob- 
ably remain unchanged. Trade 
arguments might become more 
intractable, but the US would 
still bold many of the cards. 

If stability is the main con- 
sideration for US planners, 
then Western diplomats believe 
that Washington would be well 
advised to intensity efforts to 
promote genuine democratic 
change. South Korean opposi- 
tion leaders, academics, news- 
paper editorial writers and 
even some ruling party officials 
have all said that more repres- 
sion will be strongly resisted 
by tbe people. 

Some even go so far as to 
predict that if martial law 
were imposed sections of the 
military and police might join 
the people in their protest. 

Further violence would also 
endanger the holding of the 
1988 Olympic Games in Seoul, 
described by President Chun as 
one of tbe nation’s great tasks 
for 1988. The Soviet Union and 
West Germany added their 
voices at the weekend to con- 
cern expressed over the violence 
affecting tbe Games. Los 
Angeles has already offered to 
take over the job if Seoul 
proves unable to go ahead. 


Ruling party wins in Bahamian election 

BY ATHENA DAMIANQ5 IN NASSAU 


Kurds kill 30 in Turkey 

BY DAVID BARCHARD IN CESME 


THE RULING Progressive 
Liberal Party in the Bahamas 
beat off the biggest challenge 
for 20 years, winning the gen- 
eral election at the weekend by 
a wide margin, despite opposi- 
tion charges of complicity in 
the drugs trade. 

In unofficial returns, the PLP 
won 31 seats in the House of 
Assembly, tbe opposition 16. 

Mr Hubert Ingraham and Mr 
Perry Christie, former ministers 
who were fired after they had 


confronted Sir Lynden Pindling, 
the Prime Minister, over allega- 
tions of high-level corruption, 
became the first independents 
in 20 years to win seats. 

The two PLP candidates who 
have been linked to drug 
traffickers by a Royal Commis- 
sion of Inquiry, Mr Kendal 
Nottage and Mr George Smith, 
were returned to the House by 
large majorities. 

Political analysts had ex- 
pected a closer race. 


On Andros one of the Carib- 
bean country’s 700 islands, a riot 
erupted over alleged cheating at 
the polls. 

The presiding officer. Mr Carl 
Spencer, was beaten up by 
people who believed he had con- 
ducted affairs irregularly on be- 
half of a PLP candidate. The 
opposition FNM candidate was 
also beaten up. 

Hundreds of people stormed 
the polling station, cars were 
overturned and rocks thrown. 


IN THE latest of a steady 
spate of armed attacks on 
civilian targets in eastern 
Turkey, Kurdish separatist 
guerrillas, believed to belong 
to the PKK (Workers' Party of 
Kurdistan) murdered 30 people, 
including 16 children, in an 
armed raid on the village of 
Pinardk, near Mardln, and 
close to the Turkish-Syrian 
border, on Saturday. 

Government sources said the 
guerrillas had attacked the 


village’s 16 houses with auto- 
matic weapons and hand 
grenades. 

Among those killed was the 
headman. Mr Cetin Yavuz. and 
three guards intended to pro- 
tect the community against this 
kind of attack. 

Turkey clearly has a grave 
security problem in its south- 
eastern provinces, bordering 
Iran, Iraq and Syria. 

Tbe situation has been 
deteriorating since August 1984, 


ATENFOLD INCREASE 
IN PRODUCT QUALITY 
EVERY FIVE YE ARS. 
IS IT POSSIBLE? 


It certainly is . In fact, we've made it an ongoing, worldwide company goal 

This resolution is just one part of a long-term, all inclusive programme that 
enables us to compete successfully with electronics suppliers from every part of 
the world. 

And the results have been heartening. 

One of the highest tributes a customer can pay a supplier is product 
'certification" When a product is certified, it is deemed to be of such high quality 
that incoming shipments do not have to be inspected 

In France, our plants are certified by some of the leading car makers of 
Europe for ignition systems and automotive bridges. We build modules at our 
automotive and industrial electronics facility in Angers, and components are 
produced at our semiconductor plant in Toulouse. 

At Taunusstein, Germany where we produce pagers, two-way radios and 
base stations, customers submitting product performance review cards reported 
a satisfaction rate of 99.74%. 

At our semiconductor facility in East Kilbride; Scotland, Motorola's already 
high level of quality improved by a factor of ten during the last four years ! And, 
we now have customers who register zero defects at their incoming inspection 

We are proud of the progress we have made in terms of programmes, 
equipment and methods, but, after all, it is the people of Motorola who make them 
work. No quality control programme can ever succeed without a genuine 
appreciation of the importance of high quality goods in the marketplace, by the 
people who make that product. 

But perhaps the ultimate answer to the question posed at the start is this : 

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Motorola is one of the world's largest electronics companies. "V\fe do business 
on five continents. And wherever we are, we all share a deep dedication to 
the service of our customers in voice and data communications, computers, 
semiconductors and components for defence, aerospace, automotive and 
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MOTOROLA A World Leader in Electronics 




4 


Financial Times Monday June 22 .19S7 


Company Notices 



Italian In terna tional Bank Pic 

US$45,000,000 

Subordinated Floating Rate Notes due 1996 

In accordance with the provisions of t te Notes .^ _ 
notice is hereby given that for the ax nwnm interest Fenod 
from June 16. 1987 to Deoanber 16, 1987 
the Notes will cany an Interest Rateof PttsX 
and the Coupon Amount per US 5 10,000 will be US $ 390.78 

The Agent Bank 

KREDIHTBANK 

SlA. luxembourgboise 


INDUSTRIAL CREDIT AND 
INVESTMENT CORPORATION 
OF INDIA LIMITED 
LCJLCJ. 

USSMJOfOOflOO 

Floating Rate Notes— 1981/1991 
Unconditionally Guaranteed by 
The State of India 

Bondholder* are hereby Informed 
that the rate applicable far the 
twelfth period of interest has bean 

The coupon No 12 wfll be payable 
at the price or U5S1 93 .80 on 
Decern bar 16th. 1987. representing 
183 days of Interest, covering the 
period aa from June 18th. 198T to 
December 17th. 1967 Inclusive. 

The Reference Agent 
end Principe) Paying Agent 
C RED ft LYONNAIS LUXEMBOURG 


Announcements 


AUSTRALIAN 
GENERAL ELECTION 
Sat July 11th 
LIBERAL PARTY 
OF AUSTRALIA 
LONDON GROUP 
A Pre-Election Party wifi be 
held on 

Tuesday 23rd June - 
WilF elf those interested in 
returning a Liberal Government 
please ring 

Diana MadCenzie-Charrii^ton 
on 01.736 4986 


BUSINESS IN THE 

COMMUNITY 

The Financial limes is 
pr op o sing publishing this 
survey on 

WEDNESDAY JULY IS 1987 
Far in ZZ details contact: 
ANDREW WOOD 
on 01-248 5118 

FINANCIAL TIMES 

EUROPE'S BUSINESS NEWSPAPB1 


OMRON TATEISI 
ELECTRONICS COL 

(IMetoi DenM KabueftBd Katata) 
Africa haa been received tram TOM) 
Ural the Fffltath Annual Meeting of 

EhwohoWeni ml be held at tea 
Enshukan Kat ar the Head Offlca of the 

Company locaied at 10. TauchMoCho. 

Hanazono, Ukyo-Ku, Kyoto at 9-00 am. 

on Friday June 29th 1867. 
diecM of die m oo g n g:- 
MaUns to be reported:- Budnaia . 
report and income stuantem lor the 50tfi 
Fiscal Iter hum April 1st 1BSS to March 
31 si 1907. end Balance Sheet aa at 
March 3191. 1987. 

Matters Id be resolved an> 

n 2SS , £RSSSSh 

Veer. 

(2) ModiGcaSon of Bw Articles of 

Incorporation (to stipulate that a Vice 
Chairman ol the Bored ol Directors 
can be assigned In order to 
drenr^han me Management 

C31 pSJpcMritar Bectian of SBDtacfora. 
w Re gow ItorElBctoi of3 Statutory 

(Bj Proposal for presentation of 

graiu*e3 to me retiring Directors Bid 
Statutory AutStor 

in accor da nce wHhOauae 15 of the 
ConcWons. holders ol BEAHER 
DEPOSfTARY RECEIPTS rriahtno to 

instruct the Deposlkxy to exoroae voting 

rigito in reGpeci ol ftw Shares 
represented by their Receipts are noKad 
that they mist lodge their Reoaipts with 

one of the faUowfng by 3 pjn. 23rd Janet 

1907. 

HILL SAMUS. & Ca UMTTB). 45 
Beech Smeet tendon. EC2P 2LX. 
(nttnre l u dqemenl iorms am matabto). 
kred/etbank sa 

LUXEMBOURG EOiSE. 43 8oUSev»d 
Royal. Luxembourg. 

BANK OF TOKYO LNHTED. 4-8 Rue 
GabteArme, Parte. 7500. Fiance. 

BANK OF TOKYO UMTTED. 
tewnennannstrasee 4a 4000 Dussaldoff 
1. Federal Repubftc ol Germany. 

BANK OF TOKYO MUTED, Avenue dee 
Anas 47-49. 1040 Bruasab, Befgofea. 
BANK OF TOKYO LIMITED. Sutherbmd 
House. 3. Chaw Road, Hong Kong. 
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dtecreno na y tracy to a parson 
designated by die Company. 

Voting flights may orty be anRtaed to 
moped of OepoStey Reoelpts 
repreaanifng OnJnaiy aharae on Bn 
Register asra 31st March 1887. 

Copias In &dfah of Bw U tad of ita 
Notice comienteg mo MtesOng ff required, 
ere Hvaiobie dung normal business 
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P te rt te n e d Berta. 

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OVERSEAS NEWS 


Bavadra 
to seek 
help from 
Lange 

By Robin Pudcy, Asia Editor, 
in Wettington 

DR TIMOCI BAVADRA, the 
deposed Prime Minister of Fiji 
will todaly ask Mr David Lange, 
Prime Minister of New Zea- 
land, for help in the campaign 
for the return of democracy to 
the South Pacific island state. 

Mr Lange has said New Zea- 
land would do whatever asked 
to restore democratic rule in 
Fiji, although it has become 
increasingly unclear what be 
means. He has already ruled out 
military intervention. 

Crowds gathered in Auckland 
and Wellington to welcome Dr 
Bavadra yesterday, some carry- 
ing placards saying “CIA coup 
Instantly Arranged,” referring 
to Dr Bavadra’s claim that the 
US Central Intelligence Agency 
was involved in the bloodless 
military coup which overthrew 
his one-month-old Government 
on May 14. 

Dr Bavadra arrived from 
Washington where he urged that 
a 0S Congressional committee 
of inquiry be set up to examine 


the circumstances surrounding 
the coup. 

He has dropped Australia 
from his schedule because Mr 
Bob Hawke, the Prime Minister, 
has declined to meet him dur- 
ing the present general election 
campaign. 

He has also been in London 
where the Queen refused to 
meet him on the advice of her 
Governor-General in Fiji, Batu 
Sir Penala Ganilau- 
Meanwhile, the economd 
crisis in Fiji is worsening. Ratu 
Ganilau, who has assumed 
executive authority under die 
state of emeregency. has 
ordered the country’s sugar- 
cane farmers to cut can today 
and announced factories will 
start cane-crushing tomorrow. 

So far, the fanners have re- 
fused to harvest the sugar in 
protest against the coup. The 
cane is now in flower which 
means its condition can only 
deteriorate if left uncut 
Fiji earns about half its 
foreign exchange from sugar. 
The harvest would anyway have 
been poor year because of 
drought Even If catting begins 
today. Hie harvest Is now likely 
to be 40 per cent down on 
last year. 

With the other source of 
foreign exchange, tourist re- 
venues, drying up since the 
coup, the country faces a long 
haul out of economic crisis. 


Peking minister holds talks in HK 


BY DAYD DODWELL IN HONG KONG 


WU XUEQIAN, Chinese 
foreign minister, made a first 
visit to Hong Kong by a 
Chinese minister at the week- 
end. He met the territory’s new 
governor. Sir David Wilson, for 
informal talks during an 
unexpected two-hour stop-over. 

The visit coincides with a 
resurgence of tension between 
China and Britain over the pace 
and direction of political re- 
form in the territory, following 
a clear attack on toe idea of 
direct elections by Li Hon, one 
of China’s most senior nfflnirri^ 
dealing with Hong Kong affaire. 

Such a stop-over would have 
been unthinkable for Peking 
even two years ago. Chinese 
officials had always insisted 
that talks on Hong Kong take 
place in the Chinese capital. 
Even now, they do not formally 
acknowledge the lease by which 
Britain has the territory as 
colony. 

China watchers suggested the 
decision by Wu Xueqian to stop 
for talks in the British territory 
was a measure of how much 
more relaxed Peking has 


become about Hong Kong since 
the Sino-British declaration, on 
the return of the territory to 
Chinese sovereignty was signed 
in 1997. 

Plans for the informal talks, 
at the governor's lodge close to 
the Chinese border, were made 
some weeks ago, but have been 
kept quiet. 

The Hong Kong Government 
Issued a terse statement after 
the 90-minute meeting, to say 
the Chinese minister had a 
“courtesy meeting” with the 
governor. A senior Chinese 
official suggested that recent 
political tensions bad not been 
raised. 

This was thought implausible 
by most observers, though it is 
likely that the talks were not on 
details. 

Controversy arose last week 
over a statement by Li Hou, 
deputy head of the Hong Kong 
and Macao affairs office in 
Peking, that direct elections to 
the territory’s legislative coun- 
cil in 1988 would be in breach 
of the 1984 joint declaration. 

The Hong Kang government 



Wtf Xueqian: Historic visit 
to governor 

initiated, a month ago, a 
summer-long debate on future 
political reforms. A proposal 
for direct elections is one of 
the options and appears to have 
strong public backing. 

Peking has made dear, even 


so, its opposition to such elec- 
tions. Some have suggested that 
Peking objects to direct elec- 
tions at any time, in any form, 
but others say it is simply a 
matter of timing-- with main- 
land officials wanting to offer 
direct elections as one of their 
•' gifts ” to the Hong Kong 
people when they unveil in 
1990 the basic law that will lay 
out Hong Kong's post- 1997 
constitution. 

Li Hou’s comments— quoted 
in Outlook, a weekly publica- 
tion linked to the New China 
News Agency — not only re- 
iterate -China’s opposition to 
direct elections next year, but 
break new ground by suggest- 
ing that the Hong Kong ad- 
ministration is contravening 
the joint declaration by even 
considering ttipm. 

Wu Xueqian has met _ Sir 
Geoffrey Howe, the British 
Foreign Secretary, twice in re- 
cent months to discuss differ- 
ences betwen Britain and Chin a 
over direct elections — first in 
Switzerland in March, and then 
in Tailand in April. 


Africa seeks road to recovery 


AFRICAN COUNTRIES should 
continue to pursue structural 
economic reforms, while press- 
ing the international com- 
munity for more flexibility on 
debt repayments and seeking 
to expand the intra-African and 
international market for their 
products, delegates said at the 
UN Economic Co mmiss ion for 
Africa conference on Economic 
Recovery in Africa. 

The five-day conference, 
which ended last Friday, was 
held at Nigeria’s new capital, 
Abuja. It was aimed at review- 
ing progress on the implemen- 
tation on the UN Programme of 
Action for African Recovery 
and Development from 1986 to 
1990. 

It attracted more than 200 
African and international ex- 
perts, go v ernm ent officials and 
policy makers from 36 coun- 
tries, as well as representa- 
tives from the UN, the IMF, the 
World Bank and nongovern- 
mental organisations. 

While the conference had no 
policymaking powers, its re- 
commendations are to be for- 
warded to tiie Organisation of 
African Unity summit at Addis 
Ababa in August and the 
scheduled special session on 
Africa at the UN assembly in 
September. 

The programme, launched at 
the UN special session on 
Africa last June, focused on the 


restructuring of Africa’s agri- 
cultural policies to promote in- 
creased food production, the 
baild-up of agriculturally based 
industries, the reversal of the 
effects of drought and deserti- 
fication, and wide-ranging re- 
forms of the region’s educa- 
tional and occupational training 
provision. 

These objectives were to be 
underpinned by an inter- 
nationally supported pro- 
gramme of market-oriented 
economic reforms. Some 28 
African countries have em- 
barked on substantial struc- 
tural economic reform, the 
Commission said. 

The cost of the UN pro- 
gramme was estimated last 
June to be $12&lbn, of which 
African countries are expected 
to raise $82.5bn. The inter- 
national community would be 
asked to contribute the remain- 
ing $45.6bn. While the UN 
special session endorses the 
recovery programme, no 
specific commitments on 
international assistance were 
made. The Commission is 
working in co - operation 
with the World Bank 
and IMF to Improve 
monitoring of flows Into Africa 
under the programme, but 
analysts at Abuja said Inter- 
national support In the first 
year of the UN programme was 
well below target 


Patrick Smith, in 
Lagos, assesses 
moves towards 
economic reform 
across a continent 


The executive secretary of the 
Commission, Hr Adebayo 
Adedeji. said that conditions in 
Africa had worsened consider- 
ably over the past year. Africa’s 
earings from commodity exports 
in 1986 had fallen by $19bn 
compared with their level in 
1985, Mr Adedeji said, while 
the cost of the region’s 
imported manufactures rose by 
an average of 14 per cent 

Despite continuing debt 
rescheduling negotiations, the 
region's debt servicing commit- 
ment would total between 9121m 
to $14bn, he said. If these 
economic trends continued the 
level of international financing 
required for the UN programme 
could almost double to 9801m, 
Mr Adedeji warned. 

The shortfall of international 
support for Africa’s economic 
reform programmes was a key 
issue at the Abuja conference, 
with African delegates calling 
for the reduction of interest 


rates on existing loans together 
with longer repayment periods, 
the negotiation of more foreign 
debt to local equity conversions, 
and the payment of African 
debts in local currencies. 

Mr Mansour Khali d, the vice- 
chairman of the UN’s World 
Commission on Environment 
and Development and former 
Foreign Minister of Sudan, was 
sharply critical of the IMF's 
and World Bank’s role in 
Africa. "The Fund and the 
bank's reform programmes can- 
not work without a total re- 
negotiation of economic and 
political relations between the 
north and the south,” he said. 
He warned: "There is little 
evidence to show that the IMF 
and World Bank intervention 
in Africa over the past 20 years 
has proved successful.” 

Although there was less criti- 
cism of the IMF and the World 
Bank by other delegates than 
observers had expected, many 
African delegates expressed 
support for Zambian President 
Kenneth Kaunda’s decision to 
break with the IMF and imple- 
ment an independent reform 
strategy. 

Underlying the conference’s 
deliberations was the pressure 
on Africa to diversify its export 
production and trade relations 
in tiie face of declining foreign 
earnings. 


Citicorp’s 
S African 
staff attack 
divestment 

By Jim Jones In Johannesburg 

CITICORP’S handling of the 
R130m (£23. 43m) sale of .Its 
South African interests to First 
National Bank (formerly Bar- 
clays) has been sharply criti- 
cised by the bank’s local staff. 
They say it rides roughshod 
over commitments in the Sulli- 
van Code, in the US, on Ameri- 
can investment in South Africa, 
and that the terms of the sale 
are tantamount to indenture of 
local staff. 

Sixty of Cttcarp's 185 South 
African employees have signed 
a memorandum to express 
reservations over the handling 
of the sale and are considering 
legal action against the bank. 

Mr Lionel G re wan, a senior 
executive of Citibank in 
Johannesburg, who has for 
several years been responsible 
for monitoring the black labour 
practices of Sullivan Code signa- 
tory companies, is particularly 
concerned that Citicorp did not 
discuss the sale with Its South 
African staff. 

Mr G re wan is also perturbed 
by Citicorp’s undertaking to 
First National that it will not 
recruit South African em- 
ployees for at least fipe years. 
"The whole thing is greed on 
their part.” They wanted to get 
out at any cost, even if they 
bad to screw 185 people to do 
it,” he adds, saying that the 
South African staff have lost 
the opportunity of International 
mobility that had attracted 
them to Citicorp. 

First National has said the 
premium is payment for the 
skills of Citicorp's local staff 
and has promised Rslm to be 
shared among employees who 
remain with the bank for three 
years. 

In Johannesburg, the weekly 
Financial Mail suggests that 
Citicorp’s withdrawal from 
South Africa will allow the 
American parent to resume 
loans to the South African 
government and parastatals 
through what the newspaper 
calls the "covert conduit” of 
First National. 

AP reports from Harare: A 
political row erupted in Zim- 
babwe yesterday with the 
outlawing of opposition party 
meetings. Mr Enos Nkala, the 
Home Affairs Minister, banned 
all public gatherings by Mr 
Joshua Nkomo's Zapu after a 
wave of violence by armed 
rebels In the Matabeleland pro* 
vince of western Zimbabwe, 
Zapu’s traditional stronghold. 







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OVERSEAS NEWS 


Tanaka faction 
faces threat 
of breakaway 


BY PETBt BRUCE IN TOKYO 

ONE of Japan’s most powerful 
political institutions, the 
Tanaka Action of the ruling 
Liberal Democratic Party 
(Z*DP), is in danger of splitting 
up because of infighting over 
who its candidate should be to 
. replace Ur Yasuhiro Nakasone 
as Prime Minister in October. 

The faction, named for the 
disgraced former Prime Minis- 
ter, Mr Kakuei Tanaka, is by 
far the biggest in the parlia- 
mentary party, with 141 of its 
446 members and has exerted 
enormous influence on govern- 
ment since its formation in the 
early 1970s. 

Tanaka faction members are 
now saying, though, that they 
expect one of their colleagues. 
Mr Noboru Takeshita, LDP 
Secretary-General, to form his 
own faction before announcing 
his candidacy as party presi- 
dent (and thus Prime Minister) 
next month. Hr Takeshita 
hinted as much again at the 
weekend. Be could take more 
than 100 members of the 
Tanaka faction with him. 

Although the LDP's factions 
are not ideological and concern 
themselves chiefly with popu- 
lating government with their 
members, the Tanaka Action 
does represent the rump of 
Tamany Ball-style politics that 
dominated government here in 
the 1970s. 

Ur Takeshita, a quintessen- 
tial party politician with little 
popular appeal in the country, 
has been brought to the point 
of breakaway by the refusal of 
the faction's chairman, Ur 
Susumu Nikaido, to withdraw 
the premature candidacy he de- 
clared in May. 

Mr Nikaido accuses Mr 
Takeshita of being too slow on 
his feet. He has the support 
of Mr Tanaka, a man partially 
paralysed by a stroke he suf- 
fered while on trial for cor- 
ruption during the Lockheed 
bribery scandal 10 years ago. 

Mr Takeshita’s reckoning, 
given that he has failed to 
persuade Mr Nikaido to give 
up, would be that an intra- 
factional fight to become its 
candidate would be messy and 
damaging to his chances. He 
plans to campaign as a con- 
sensus builder. 

If be does go ahead and form 
his own faction he could 



draw with him about 30 neutrals 
in the Tanaka group — he has 
around 95 firm supporters but 
nearly 120 faction members 
attended a recent fund-raising 
dinner for him — leaving Ur 
Tanaka’s old empire withered 
and dying. Mr Nikaido is 
thought at the moment to have 
little chance of becoming Prime 
Minister. 

Mr Takeshita’s own chances 
of becoming party leader even 
if he forms his own faction 
would, however, seem to remain 
highly elastic. A split among 
the Actions might make it more 
difficult to elect a party presi- 
dent. 

Although the Tanaka faction 
has sot nominated a party 
leader for 13 years, it has 
served as ballast, through sheer 
weight of numbers, for the 
other four, smaller, factions. 

Mr Takeshita needs 224 votes 
Do become party leader and as 
an independent faction leader 
may have to link up with two 
or even three other groups. 

That means he would have to 
be even more generous than 
most Japanese prime ministers 
in promising political rewards 
to the people who back him. 

Mr Takeshita, 63 and twice 
Minister of Finance, is likely 
to wait until after an extra- 
ordinary Diet session, starting 
on July 8, before making any 
final moves. So will his other 
rivals, the present Finance 
Minister, Mr Kiichi Miyazawa 
and the former Foreign Minis , 
ter. Mr Shintaro Abe, who head 
their own factions. 


Opec ‘likely 



! price 
strategy’ 

By Patrick Smith in Lagos 

THE OPEC ministerial meeting 
scheduled to open in Vienna on 
June 26 is likely to endorse the 
continuation of existing price 
mid production strategy which 
went into operation on Febru- 
ary Z this year, Mr Rilwanu 
Lilian an, Opec’s chad moan and 
Nigeria’s Minister of Petroleum 
Resources, said in Lagos. 

“ We have an agreement that 
has worked well for six months 
and is valid for the rest of the 
year, so we will seek to build on 
the gains we have made so far,” 
Mr Lukman said. 

Under tibe terms of the exist- 
ing agreement, Opec had to 
maintain a total production ceil- 
ing of 15fim barrels a day for 
the first two quarters of this 
year, which would be raised to 
16.6m b/d in the third quarter 
and lSfim b/d in the fourth. 

Mr Lukman said Opec mem- 
bers had generally abided by 
the terms of the agreement and 
were producing at their maxi- 
mum allowed quota. He did not 
expect non-Opec producers to 
step up production if Opec 
agrees to implement a margin- 
ally higher production ceiling. 

“ After all, k is still Opec that 
is restraining production — many 
of our members are still pro- 
ducing at only 50 per cent of 
their capacity.” 

Several Opec members, 
including Nigeria, are likely to 
press for a revision of the 
differentials between the offi- 
cial selling prices of Opec 
crudes. 

Nigerian analysts have 
argued that the market price 
of $18.92 for its Bonny flight 
oil puts it at a marketing dis- 
advantage in relation (b other 
Opec erodes. 

“We are looking for some 
sort of adjustment in the 
system of differentials," Mr 
Lukman said. “Bonny Light is 
a marker crude and some of 
the Actors relating to it have 
changed since the current 
agreement was formulated.” 

While acknowledging that 
the recent depreciation of the 
dollar supported the case for 
an increase in Opec’s official 
selling prices, Mr Lukman said 
the dollar’s decline had also 
helped sales by making 1 oil 
more competitively priced in 
relation to other fuels. 


Hugh Carnegy looks at policy shifts after the Hyster collapse and Goodman ballyhoo 

Ireland rides the industrial roller-coaster 


ZN THE space of a week this 
month, Ireland’s Industrial 
Development Authority rode a 
roller-coaster from the gloom of 
seeing the collapse of a prestige 
foreign investment to the heady 
optimism of a huge home- 
grown project to transform the 
country's meat industry. 

Along the bumpy way, it was 
possible to see some pointers to 
a shift in industrial policy 
which the Fianna Fail Govern- 
ment of Mr Charles Haughey, 
the Prime Minister, would like 
to bring about 

That shift does not entail the 
abandonment of the IDA’S 
quest for inward investment — a 
quest which despite some pain- 
ful failures has over the years 
made a hugh contribution to 
manufacturing industry in 
Ireland. 

But it does mean, in the 
words of Mr Albert Reynolds, 
the Minister for Industry and 
Commerce, laying more 
emphasis on developing 
indigenous industry based on 
value-added use of natural 
resources, not least because 
foreign companies continue to 
source about three-quarters of 
their raw materials outside 
Ireland. 

Hence the Government's 
enthusiasm for the' I£260m 
scheme announced by Goodman 
International, a highly success- 
ful private, Irish meat process- 
ing and exporting company, to 
upgrade dramatically its pro- 
cessing capability. 

It could not have fitted 
Fianna Fail's bill better; heavy 
investment in an export-oriented 
local industry by a local com- 


pany using best-available tech- 
nology and creating ZJOO new 
jobs. A weighty political heave 
was applied and the IDA agreed 
to contribute a cool 1£30m to 
the project. 

The ballyhoo surro undin g the 
Goodman deal was in sharp con- 
trast to the collapse the pre- 
vious week. With the loss of 
more than 220 jobs, of the 
Dublin plant operated by Hyster 
Corporation, the US lift truck 
maker. 

Launched amid its own bally- 
hoo five years ago, ironically 
by Mr Reynolds in a previous 
Fianna Fail Government, the 
Hyster project was considered 
at the time to be a flagship of 
the type of strategic foreign 
investment: Ireland needed to 
attract. 

What made it so significant 
enticing the IDA to back it with 
I£1 5m in grants and If 6m more 
in buildings, was Hyster’s plan 
to design, develop, manufacture 
and market a new generation of 
automated handling devices in 
Ireland. It was much more than 
a straight assembly operation 
and supposedly involved a deep 
commitment to the host 
economy. 

Ur Reynolds, who lias opened 
discussions with the ZDA on 
its overall policy, does not think 
that the underlying IDA 
strategy of going for quality 
Award investment involving 
product development as well as 
manufacturing is wrong. “The 
strategy should not be thrown 
out of the window because 
Hyster collapsed,” he says. 

He accepts also that such 





Mr Chari es Haughey 


investments always carry the 
risk that the product involved 
will Ail. What he wants to 
avoid — as does the IDA — is 
what he calls “ A Dutch 
auction” with other develop- 
ment Agencies bidding against 
each other for a project and 
forcing up the price. “ We may 
lose projects, but we have to 
be very selective,” he says. 

The IDA has been A the 
business long enough to know 
the risks well enough. It has 
recently introduced much tigher 
conditions attached to its grants 
which it says means that the 
type of deal done with Hyster 
could not he done now. 

All contracts have to be 
guaranteed by parent com- 
panies ensuring stricter en- 
forcement of clawback clauses 



A the event of collapse, and 
grant payments are now condi- 
tional on performance targets 
beAg met 

The authority is also in 
agreement with Ur Reynolds in 
putting heavy emphasis on aid- 
Ag existing companies to 
deepen their operations in 
Ireland, rather than just going 
after new companies. This has 
been done with a range of 
names such as Analog Devices, 
Krupps, and the computer com- 
panies DEG, Wang and Apple. 

As Ar as stimulating domes* 
tic Adustry is concerned, IDA 
officials say the difficulty often 
is finding sufficient sound busi- 
nesses to put money Ato. At 
present it spends about I£80m 
a year on foreign projects, 
l£35m on indigenous industry 


and I£25m on small Irish busi- 
ness. 

One of the problems Is the 
need for Irish companies to 
establish export markets at a 
relatively early stage of their 
development because of the 
limited size of the home mar- 
ket. Businessman also com- 
plain of the confusing variety 
of sometimes overlapping atav 
agencies bidding to help them, 
ranging from the IDA and 
other local development 
boards, through the export 
board to several training organ- 
isations. 

Mr Reynolds intends stream- 
lifting these with particular em- 
phasis on correcting what he 
says are weaknesses A market- 
ing. Jh one move to stimulate 
export marketing, legislation 
has been tabled to extend the 
10 per cent corporation tax con- 
cession for manufacturing in- 
dustry to export trading houses. 

Whatever changes come 
about, however, heavy state aid 
for Adustry will continue to be 
available. This has prompted 
the Dublin Stock Exchange to 
say that the level of state suc- 
cour weakens the incentive of 
companies to look to the under- 
supplied local market to raise 
funds, thus saving the taxpayer. 

Goodman is a case in poAt. 
Asked if he considered raising 
the money required for his pro- 
ject through the stock market, 
Mr Larry Goodman, the owner 
of the company, flanked by the 
Prime Minister and the chief 
executive of the IDA, replied 
that there was no need because 
the money was readily avail- 
able elsewhere. 


SHIPPING REPORT 


Iraq warning hits tanker hopes 


BY HAZEL DUFFY 

IRAQ'S wanting to Iran over 
the weekend that destructive 
raids on Iranian oil and eco- 
nomic installations were to be 
expected and reports that a 
tanker, possibly berthed at 
Khars Island, was hit in the 
attack on Saturday, will once 
again dominate activity A the 
area, and among the marine 
underwriters for Gulf war risk. 

The news came after publica- 
tion of its May report by ship- 
pAg brokers Galbraith’s which 
described the tanker market 
last month as “the best and 
most progressive chartering 
month so far this year.” 

Demand, particularly buoyant 


out of Iranian ports, created a 
surge A freight rates, with 
Arabian Gulf to the Red Sea 

gradually riUmhing into the 

middle Worldscale 40s for for 
250-000-torme tankers. and 
300.000-tonne tankers obtaining 
rates very close. 

Rates for clean vessels A the 
Gulf went to Worldscale ISO for 
Japan discharge. Rates were 
also affected by Japanese sea- 
men being unwilling to go north 
of Iran’s Al-Farisiyah Aland so 
that owners willing to load from 
Kuwait automatically expect a 
premium rate. 

The report concluded that 


rates should A crease during 
the summer months. It was up 
to owners at least to maintain 
present levels. The market’s 
reaction to the anticipated 
16 per cent A crease m World- 
scale rates from July 1 is 
awaited with Aterest. 

For dry cargo space, weaker 
summer markets have seen 
rates fall. Brokers Denholm 
Coates report levels particu- 
larly affected on the Atlantic. 

Activity from the Soviet 
Union is reported as minimal , 
but forward sales of gram imply 
that business will be coming 
from this part of the world. 


World Economic Indicators 




UNEMPLOYMENT 





May 87 

Apr. 87 

Mar. 87 

May 86 

UK 

000s 

2.9864! 

3,107.1 

3,1414 

1370.9 


% 

1041 

11.2 

113 

11J 

US 

000s 

7,54*4) 

7,500.0 

73544) 



% 

A3 

63 

6j6 

73 



April 87 

Mar. 87 

Feb. 87 

Apr. 85 

W. Germany 

000s 

2J21&9 

24124 

2,4874 

2330.1 

% 

8.1 

8 JO 

9.1 

8.7 

France 

000s 

2J592J 

2^79.1 

23983 

2426.9 


% 

11.1 

11.5 

1M 

103 

Italy 

000s 


3348.1 

3,m£ 

3,1904 

% 

744 

144 

144 

13.9 

Netherlands 

©00s 

6674 

6923. 

700.7 

697.9 


% 

11j6 

12.1 

124 

12 3 

Belgium 

600s 

483L2 

4953 

5084 

4904 

% 

11.7 

110 

124 

17.9 

japan 

000s 

2,0354) 

1,9404) 

1,8604) 

1,8204) 

% 

34) 

206 

233 

2J6 



Source (except US, UK. Japan}: 

Eurostat 


A 



Privatization of 

Compagnie Generate d'Bectricite 
C.G.E. shares on Paris Bourse 

Trading in C.G.E shares on the Paris Stock Exchange resumed on 
June 3, 1987. 

The privatization of C.G.E proved to be a resounding success as evi- 
denced by the degree to which both the domestic and international place- 
ments of C.G.E shares were oversubscribed (7.5 and 15 times respectively). 

In addition, some 101,500 current and former C.G.E employees placed 
orders for about 3 times the number of shares to which they were entitled. 

The domestic placement was allotted to approximately 2,255,000 
investors. 

C.G.E would like to thank its new shareholders for this overwhelming 
vote of confidence. 


Compagnie Generate d'Bectricite 
54, rue La Boetie 
75382 PARIS CEDEX 08 
Tel..- (1) 45.63.14.14 






Financial Times Monday June 22 1987 


Contracts and Tenders 


Post and Idw^mimjcation CorpogatkmofP^maNewGiiiiieg 


Consultancy for a 
Network Development Plan and 
Management Review 



PTC is a 1 00% state-owned corporation responsfole for the 
putttrmrirr’r 3 ^, «* a ^ gta *^ araim * crowaw Nearer 50 tetepfioTw exchanges. 

through a network of official and unoffldal post offices. 

Ftor tender prequaHtlcafion, interested consultants are invited to slate their background, experience and manpower to 
undertate the following: 

TELECOM DEVELOPMENT PLANNING MAMAOE ME WT REVIEW 

• Demand studtes • Tariff review • ttanagetTWrtandofgOTfsatibnrevfeira 

• Netwoilc planning • Financial and economic appraisal • Human resources management systems 



KENANA SUGAR COMPANY LIMITED 

PREQ0AUF1CATIOR FOR PORT SUBAI SUGAR VAREHOUSE 

Kenana Sugar Company Limited operates one of the largest sugar 
estates at Sufeiya, near Kabak, 250 km south of capital Khartoum, 
and about 1,200 km from the sea port Port Sudan. 

Kenana wishes to ascertain whether you would be interested in 
tendering for the above project Tenders will be invited from a list 
of selected contractors. The project is to be financed by the Saudi 
Fund for Development and the list of prequalified contractors is 
subject to their approval. The eventual form of contract and payment 
conditions will also reflect their normal requirements. 

The project will consist of the construction, in Port Sudan, of a sugar 
warehouse of approximately 12,000 square metres in floor area. The 
warehouse will be of steel portal frames, 6m to eaves, either 40m 
cl ears pan or two 20m spans, dad in single-skin, colour-coated 
trapezoidal profile, steel sheeting. There will 'also be approximately 
500m2 of offices and ancillary buildings and 250m2 of workshops and 
stores. 

Interested tenderers are requested to forward as soon as possible 
the prequalification documents, including a brief report on major 
construction works recently executed by them along with last annual 
financial report, to Kenana Sugar Company Limited, PA. No. 2632, 
Khartoum, Democratic Republic of the Sudan, dearly marked for the 
attention of Mr. Abdullahi Abu El Gasim, so as to reach him not later 
than 25th July, 1987. 

The information given above is tentative and wm form no part of any eventual 
contract. 


Company Notice 



Personal 


Clubs 


HOTEL FOR SALE 

300 bad hotel situated in a smell beautiful country In sunny Southern 
France with tremendous inflow at tourists around the year. The ho e l la 
only I 1 , yearn old and appears as brand naw. Situated in prime location, 
PRICE: 4 Jim OEM • PROFIT IN EXCESS OF 1m OEM PA NET” 

Hotel Hu been run by non-hotel businessman end has huge potential for 
professional to Increase profit d rustically within existing facilities. 

•"Net" really means net. as this country has no income tax; no 
corporate tax. no VAT. but Banking a la Suisse 

Principals p lease cont ac t owner hknaatt hnmadlataly Ay phono? 
DENMARK +4&.1.228383 OR TELEX; D9QAARK 3S308 HASOAN OK 


CVC has outlined the otters because of a 
policy of air piey and value lor mc e w. 
Supper hm 10-430 am. DODO and cop 
musicians. Clamoro u s twjgHwat. accWno 
aoqnhom. 180. Repent St. Wl. 01-734 
OSS7. 


Art Galleries 


Mena GALLERIES, 7. GraJtae St. Bond 


TAISHO MARINE AND Elite 
INSURANCE COMPANY LTD. 


NOTICE TO HOLDERS OP 
EUROPEAN DEPOSITARY RECEIPTS 
TO BEAUS (EDM 


Thr particulars are as Mimes: 

1. Dote and turns 10.00 a.m. on 
26tft Jane 1987 tPrWsyJ. 

2. Placet in tta Commence Room on 
the arse Poor of tn* Head Oka 
or the Company /orated a* S. 
KondunruoadU 3-CHooio. CMyodB- 
Ku, Tokyo. 

3. Purposes of the moating: 

Manor, to be re p o r t e d 


Inerted In the articles of locnr- 
ponCus 

HAM BROS BANK UMITCD 
41 BhAnpaatm 
London ECU* 2AA. 

22nd Joe* 1987. 


UK NEWS 


Europe 
aims at 
high-flying 
future 

By Mdiaal Donne, Aerospace 
Correspondent 

SEVERAL Western Eu ropean 
governments, in dn d ing some 
outride as wdl as i n side the EC, 
tone signed two international 
pacts deigned to liberalise some 
elements of European air trans- 
port, pi fj h wling the provision .of 
cheaper fares and making it eas- 
in' for airflnes to increase their 
market shares. 

In effect, however, these pads, 
which have hero under discus- 
sion her some time by the 22 
countries repre s ente d in the Eu- 
ropean Civil Aviation Conference 
(a body of governmental air 
tawport representatives), have 
already been overtaken by 
events. 

Many tares are already cheap- 
er than those envisaged under 
the ECAC pads while the new ar- 
rangements for market shares 
have also already been. achieved 
hi ninny countries. 

The £scosshris involved all 22 
members id the ECAC - Austria, 
Belgium. Cyprus, Denmark, Fin- 
land, France, West Germany, 
Greece* Iceland. Ireland, Bab, 
Luxembourg, Malta. Nether- 
lands, Nor w ay, Portugal, Spain. 
Sweden, Switzerland!, Turkey, 
UK and Yugoslavia. However, 
only some of these have signed 
each agreement and there are 


For example, the two leaders 
is the Nkiwi ppem air traouqiort 
lHwHciflnn rampHign -the UK 
and the Neth erlands - have so 
far ii«i w i neither naeL lum i— 
alreufededared ttaJSrfthS 
the Broririans involved do not 
matdi the kind of fiberaHsrikm 
they have already achieved 
through their own bilateral ef- 
forts or are still trying to achieve. 

On the other hand, some noted 

* 1t>iillhiwr B* npliwt mnr> Bi tow. 

rive Hberafisation on the UK- 
Dnfdi pattern, such as the Scan- 
dinavian countries, Italy, France 
and Greece, have rigned both the 
ECAC agr eemen ts. 

One of the new pacts estab- 
lishes, for an experimental peri- 
od of two years, die concept of 
“fares zones” on intra- E urope an 
air rentes, covering dhcotmi 
fares ranging from 6 per cent to 
95 pa cart of normal eco n omy • 
rates, and discount rates ranging 
from 45 ta 65 per cent of normal 
economy rates. 


Ericsson expects big rise 
in BT exchange orders 


BY DAVID THOMAS 

ERICSSON, the Swedish telecom- 
munications company, is planning 
for a large increase in orders far its 
digital telephone exchange from 
British Telecam. 

The company supplies BT with 
its exchange, known as System Y, 
which it makes jointly in the UK 
with Thorn EMT, the UK electronics 
group. 

Thom-Ericsson is completing the 
expansion id its factory in Scun- 
thorpe, which will give it animal ca- 
pacity of 750,000 lines a year. 

However, Mr Jan Stenberg, 
Ericsson's vice-president far public 
tetecqmninnicatitmt, said in Stock- 
holm that Ericsson was planning 


for orders of lm lines from BT for 

next year. 

This figure is much higher than 
any previous one mentioned pub- 
licly by Ericsson and would mean 
Thorn-Ericssoa winning a substan- 
tial share of BT orders, since BT is 
planning to order 2L3m-3m lines 
next year. 

Thom-Ericsson has said up to 
now that it is hoping for 20 per cent 
of BT orders in the short term. 

jpriwwn might also have to im- 
part exchanges if it achieved its tar- 
get, since Mr Stenberg said Erics- 
son would not necessarily want to 
expand the Scunthorpe plant be- 
yond 750,000 lines. This would al- 


Ethnic businesses 
seen as too cautious 


BY CHAHLES BATCHELOR 

A GROWING number of Britain's 
Asian and Afiro-Caribbean bus*-, 
nessmen have bmh up sizable busi- 
nesses though few seem ready to 
move out of their own niche mar- 
kets in the ethnic mimiwriity into 
the mainstream market, according 
to a new report*. 

Many ethnic minority busi- 
nessmen have adopted a cautious 

ap proach In ae pftTuwwg thole nfl mpa- 

nies - growing slowly and borrow- 
ing rally from family members 
partners - but tins caution is now 
hindering farther growth, the re- 
port says. 

It looks at 25 businesses - 19 ran 
by people of Asian origin and six 
AfroGaribbeaas in what is claimed 
to be the first study of established 
minority businesses. Fifteen of the 
co mpanies had t ur no v er of more 
than £lm a year while half of these 
had annual sales id more than £5m. 

In the early stages of these busi- 
nesses, their owners’ knowledge of 
their customer^ preferences and 

baying behaviour was an advantage 

in the ethnic markets they served, 
but as the companies grew, the eth- 
nic factor emerged as a disadvan- 
tage. 

None of the companies had dear- 
ly developed {dans to expand into 
the broader market place and the 
marketing, and organisa- 

tional obstacles they faced in trying 
to do so were immense, tire report 

CTiri 

They would face tougher competi- 


tion from much larger companies. 

The business owners should have 
bg en devoting more time to market- 
ing strategy, but; in' practice, most 
firms relied on their current activi- 
ties, often making unsystematic, 
unplanned excursions in new. mar- 
kets when time allowed.' 

In this respect though, ethnic 
businesses were similar to small, 
owner-managed firms in the wider 
economy, according to the report , 

Asian firms relied on family 
members far financial support, bid 
this was usually restricted to imme- 
diate family members rather than 
the wider family network as is com- 
monly supposed, the report said. 
Afro-Caribbeans did not hove this 
family network but relied more an 
business partners for finance. 

The public sector played almost 
no role as a source of finance, and 
many firms had not heard of any of 
the government programmes such 
as the Business Expansion Scheme i 
or the Loan Guarantee Scheme. ■ 

Asian firms dtffarwd from Afro- 
Caribbeans in that they were more ! 
likely to fake on professional man- 
agers - in all cases white Britans 
with experience of the industry - 
though Afio-Gsribbem busi- 
nessmen were more Hkely to take 
professional advice from outride 
their own community. 

* GrouXh Strategies in Minaritg En- 
terprise, Peter Wilson. Small Busi- 
ness Research Trust ( 105 pages, 
C15.S5 lac p and pj. 


most certainly cause a row about 
imports of telephone exrh a n g e s on 
that scale. 

It would also cause problems few 
the General Electric Company and 
Hessey, the two UK electronics 
companies which make System X, 
the rival exchange. They have best 
delivering about Im lines a year 
each to BT. 

However, there is consktersbie 
scepticism amp u g industry obser- 
vers as to whether Ericsson is likely 
to reach its lm line target BT 
stressed it orders ex c han ges by 
competitive tender, and i t gives no 
guarantees to any supplier about 
the level of orders they might re- 
ceive. 

Post Office 

service 

criticised 

By David Thomas 

THE POST Office Users N ational 
Council, the statutory body repre- 
senting users of the British postal 
service, atfapks the Post Office's 

quality of service record m its annu- 
al report published today. 

The Post Office has launched a 
series of initiatives to improve its 
service. It is spending £28ta on 
these this year. 

However, Mr Tom Corrigan, us- 
ers' council chairm an , reviewing 
tire year to the end of March 1987, 
said: “Despite a number of welcome 
initiatives the Post Office target for 
first class mail of 90 per cent of let- 
ters delivered fay next working day 
following posting is not bring 
achieved." 

The report shows that the best 
quarterly performance in 1986-67 
was Jidy-September 1988, when 
89.5 per cent of first class letters 
reached their destination the next 
day. 

The worst was in January-March 
1987 when the figure was. 86.0 per 
cent 

The council adds that its own snr* 
veys show postal custo m e r s are re- 
ceiving a power service than ap- 
pears from the Post Office's pub- 
lished figures. 










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Fi nan c ia l limes Monday June 22 1987 


UK NEWS 


Talks to open 
soon on water 
privatisations 


BY RICHARD EVANS 

NEGOTIATIONS os the method of 
privatising the ID water authorities 
in England and Wales are to start 
shortly between the Government 
and the water industry. 

A consultation document will be 
pub li s h e d in late summer or early 
au tu m n,, but because of the work 
that re m ai ns to be done there will 
be no substantive privatisation 
legislation before the 1088-89 parl- 
iamentary session.. So water au- 
thorities are unlikely to be priva- 
tised before late 1989 or early 1990. 

However, a short preparatory bill 
will be foreshadowed in the Queen's 
Speech on Thursday. This will have 
two functions: to clarify the legal 
position on the the water authori- 
ties’ privatisation following claims 
by trade onions last year that the 
Government had no right to sell 
them off; and to prepare the ground 
for the metering of water supplies. 

Metering and privatisation are 
not directly linked, but they do have 
a. very relevant indirect connection. 
Water charges are based on rate- 
able values, but the present system 
of domestic rates (local property 
taxe4isto.be replaced fay a commu- 
nity charge dr poll tax in a bSl in 
tiie fo rtimwitfng session. 

A new system of assessing water 
charges is therefore seeded. The 
leading contender is metering al- 
though legislation is needed to pro- 
vide powers for laxge«cale meter- 
ing is H i ffiww t parts of the 
country. 

Most water authority chairmen 
favour metering, which is already 
used in industry and is available if 
requested - and paid for - by pri- 
vate consumers. But there are wide 
divergencies of views cm the Gov- 
ernment's general proposals for 
privatisation. 

FoUmring the sudden withdrawal 
of tire Government's privatisation 
plans last year by Mr Nkdxrias Rid- 
ley,, Environment Secretary, anew 
scheme was floated, without consul- 
tation, fast month 

This proposed setting up a new 
National Rivers Authority to be re- 


sponsible for all regulatory func- 
tion, inrfnriing water conservations 
and resource planning, pollution 
control, fisheries, land drainage, 
flood protection and navigation. 

Some industry leaders, including 
Mr Roy Watts, chairman of Thames 
Water, by for the largest and poten- 
tially the most profitable of the au- 
thorities, are worried that the pro- 
posals will affect adversely the 
principle of integrated river basin 

TnBTrngAmAn t 

However others, tnchniing Mr 
Gordon Jones, chairman of the Wa- 
ter Authorities Association and of 
Yorkshire Water, and Mr John Bel- 
iak, chairman of Severn Trent, be- 
lieve the proposals could form the 
basis for a satisfactory privatisation 
formula. 

A key decision - whether to float 
the authorities off singly, in 
batches, or all together - will prob- 
ably not be taken for months. 

The most likely outcome, given 
tire wide range of problems and sal- 
eabiiity, is that the authorities will 
be sold off in groups, with the more 
profitable linked to those with the 
greatest problems. 

The fear is that, if they were to be 
sold off singly, Thames and three or 
four others would be floated with- 
out problems, leaving the remain- 
der in no-man's land between the 
public and private sectors. 

Mr Jones has argued in favour of 
all 10 being floated off at mice. The 
Qty of London has become an even 
larger fiwawfai market, there 
are companies now operating in it 
that have enormous financial re- 
sources which, if fuD use were 
made of them, would allow all 10 
authorities to be privatised more or 
less simultaneously in one lag 
bang. 

“And why not? If the Government 
is anxious to get us into the private 
s ector and to maximise its own re- 
ceipts in so doing, I believe it is bet- 
ter to do so in this sort of way rath- 
er than through a cautious sale of 
one or two at a time, which could 
well lead to investor boredom after 
the first few.” 


* 


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FORBES SEGURTHE^ 


BRANCH OFFICES? SUBSIDIARIES? FRANCHISEES? 

The Richard Felly Approach 
Controls Operating Costs Precisely 



British families foot bill of £11.50 a week, reports David Blackwell 

High cost of farm subsidies 


THE AVERAGE British family 
pays out £11.50 a week to fmarwo 
tire European Community form 
subsidies, according to a report 
from the Adam Smith Institute. 

The huge surpluses produced by 
the Common Agricultural Policy 
cost tiie average Briton 84p a week 
just to store, the institute says in 
the pamphlet, which is entitled 
Growing Insanity. Consumers have 
to pay high prices for products such 
as beef, which costs twice as much 


in the UK as it does on the world 
market. 

The authors - university lectur- 
ers Mr Nigel Allington and Mr Ni- 
cholas 0*Shaughnessy - say that, 
although the CAP was designed to 
benefit formers, it is only the larger 
formers who gain. 

They criticise the Ministry of Ag- 
riculture for its “hand-in-glove exis- 
tence" with formers which "long 
ago undermined its claim to be an 
independent department of state." 


They propose its abolition and 
merger with the Department of the 
Environment 

The report also points out that 
the CAP impoverishes Third World 
countries by keeping their goods 
out of the European market and 
keeping them from q»FKng their 
produce on world markets. While 
European fanners have been get- 
ting 18 US cents a pound for sugar, 
it has been sold at 5 cents a pound 


internationally with disastrous con- 
sequences to Third World sugar 
producers. 

Trade liberalisation would help 
both Europe and the Third World, 
suggests the report, with an ensu- 
ing gain in total wealth. 

Unless reforms are made to the 
CAP, “history wQl pass an accusing 
verdict - we poured dinners into 
dustbins as the beggars sat at our 
gate.* 


ITN sells news to Japanese 


BY RAYMOND SNODDY 

INDEPENDENT Television News 
has sold its World News television 
progr amme to NHK, the Japanese 
broadcaster. 

World News, presented by John 
Sachet, is already available to 
around 8m cable television homes 
in Europe through Super Channel 
the British satellite channel owned 
by 14 l'l'V companies and Mr Ri- 
chard Branson's Virgin Group. The 
World News from London will be 
carried twice a day on a Japanese 
direct broadcasting by satellite 
channel from July 4. 


ITN is also talking to the SBS 
channel in Australia, Cable Net- 
work in the US and broadcasters in 
the Caribbean about taking World 
News live by satellite. There is also 
the possibility that the daily half- 
hour bulletin, which has been high- 
ly praised for its news with an in- 
ternational perspective, will also 
soon be shown in Britain. 

A midnight slot on Cha u np l Four 
is one option. Individual ITV com- 
panies such as Thames, Central and 
Yorkshire, who now broadcast late 


into the night, are aim believed to 
be interested. 

The BBC has been seeking funds 
from the Foreign and Common- 
wealth Office to faun - h a television 
version of the BBC World Service 
on radio but has yet to receive an 
answer. 

ITN has argued that the contract 
for such a service shpnid ^ put out 
to tender. Mr Bob Hunter, eHifrw of 
m*Ts World News, «»irf yesterday: 
“The BBC is talking about it We 
are actually doing it” 


Newspaper 
jobs deal 

ONLY 70 of the present 180 jobs at 
the News on Sunday, which went 
into receivership last week, will be 
saved as tire result of a rescue plan 
put together by Mr Owen Oyston, 
Lancashire b usinessman, Ray- 
mond Snoddy writes. 

The aim is to produce the nation- 
al leftrof-centre newspaper with on- 
ly 25 staff journalists. 

Agreement on the job cuts bag 
been inched with the three 
involved at general secretary leveL 
It ensured production of a 38-page 
emergency edition without its nor- 
mal colour section. 


Bank lending and 

higher pay 

hit inflation policy 


BY RALPH ATKINS 

HIGH PAY settlements and in- 
creased bank lending coold under- 
mine the Government's inflation 
policy, City of London economists 
warned in reports published at the 
weekend. 

The warnings follow figures re- 
leased last week showing a rise in 
the rate of average earnings growth 
and a continuing surge in bank 
lending. 

This, the economists say, could 
fr ustrate the Government’s election 
manifesto mm nf ri imont to strive for 

Zero jp flaHnn 

Warburg Securities concludes 
that inflation will not foil sharply 
unless pay settlements are reduced 
but says there are no signs of this 
happening. 

In addition, it says the trend pro- 
ductivity growth rate is not fast 
enough to prevent unit wage costs 
rising and predicts inflation win av- 
erage 42 per cent in 1987 and rise to 
4J5 per cent in 1988. 

A report from Messel says the 
central failure in the government’s 
economic management has been to 
allow a major credit boom to devel- 
op. 


It says the growth of bank tend- 
ing, after adjustment for inflation, 
was higher last year than at the 
peak of the Barber boom in the ear* 
fy 1970s. Mortgage tending, also af- 
ter adjustment for inflation, was 
more than twice as high in 1988 as 
in 1972. 

It is astonishing tha t this should 
have occurred under a Conservative 
Government which atone time pro- 
fessed itself to be ‘monetarist’ and 
pledged that monetary policy would 
never become i nflationar y again," 
the report says. 

Its findings contrast with a 
speech made by Mr Nigel Lawson, 
foe Chancellor of tee Exchequer, at 
tee Mtmai dinner of the Finance 
Houses Association last week in 
which he dismissed the suggestion 
that the recent surge in consumer 
yn^ing mniri jjg inflationary. 

A third report, from Panmnre 
Gordon, predicts an inflation rate of 
3J9 per cent by the fourth quarter of 
1987 - hut it says it could be higher 
if there is no reduction in the mort- 
gage rate. Inflation is forecast to 
rise to 5.2 per cent by the middle of 
1988. 


filohanJPB#y S Company UmitjodJJ*rierWnrnfard 

Southampton BPS mTMephP*Y» BrorrwJgflntPSBS 75381 1 



silent 






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Quietly and smoothly our financial talents 
flow through our many financial institutions in 
64 countries. 

From their source in France, where we 
deal with some 300,000 corporate clients, 
great and small. Including well over 200 of 
the top 250 French groups. 

On through Europe, to the City of 
London, where our financial acumen runs 
through our own commercial and merchant 
banking institutions. 

We are in the main stream of 
international finance. 

That’s why we have become a world 
leader in property leasing. And one of the two 
main French banks for Eurobonds, with a 
specialized subsidiary based in London. 

The funds we manage in French Unit 
Trusts and Mutual Funds have increased 
tenfold in 5 years. 

Channelling our activities into 4 major 
holding companies, each a distinct subgroup: 
banking, finance, industrial and commercial 
investment, and property. 

Drawing on our experience as banker to 
the French government for international 
borrowings. Acting as financial advisor to 
many of the major French groups currently 
being privatised. 

As the swiftly moving currents of the 
financial world sweep on into the future, our 
expertises have broadened to include specific 
responses to today’s new markets. Such as 
FIMAT, our innovative financial futures unit in 
France. 

Others may make a splash, but Societe 
Generate runs silent and runs deep. And with 
more than a touch of talent. 

Non French Institutional Investors requiring 
information should call our Institutional 
Investors Department, Paris : 1.40.98.45.39. 

SOCIETE GENERALE 


L 



8 


Financial Times Monday June 22 1987 



UK NEWS 

AFTER A SLOW START, SUCCESS ALL THE WAY FOR BUS COMPANY 

Easy ride to private ownership 


BY KEVIN BROWN, TRANSPORT CORRESPONDENT 


Kent site for 
coal-fired 


THERE ARE a kit of smites to be 
seen these days on the faces of 
managers at the National Bus Com- 
pany’s headquarters above Victoria 
Coach Station in London and the 
broadest of aD is sported by Mr 
Rodney Lund, the man brought in 
to oversee toe break up and sale of 
the company to toe private sector. 

The reason for all the good hu- 
mour is simple - after a stew start, 
and month* of criticism from ana- 
lysts and journalists, everything is 
suddenly coining up roses. 

Mr Land was appointed in April 
last year with a mandate to split 
NBC into manageable units to be 
sold to toe private sector before a 
Hondlirw of January 1989. 

He took over a company in some- 
tiling of a crisis, with its managers 
unsure of their future and morale 
badly by toe departure of 

toe previous chairman, Mr Robert 
Brooks, who lost a battle with 
Whitehall over the form of privati- 
sation. 

The sale of NBC was, and is, 
something of a personal crusade for 
Mr Nicholas Ridley, the former 
Transport Secretory, now at Envir- 
onment It was Mr Ridley who 
poshed through a sceptical Parlia- 
ment the 1985 Transport Act, which 
provided for both dm sale of NBC 
and toe abolition of most restric- 
tions on bus operations outside 

ffmAnn 

What MPs sceptical, even 



Rodney Lund: sticking 
to his pledge. 


on the government ride of toe 
House, was Mr Ridley's insistence 
on pitting ideology before profit 
of mmriimung the t ransfo r- 
mation of a public monopoly into a 
private one, in the style of British 
Gas »wwt British Telecom, he sought 
to an increase in competi- 

tion in the deregulated industry by 
s elling NBCs operating companies 
separately. 

The effect, it was widely predict- 
ed, would be to make some of the 
companies unsaleable, and to re- 
duce toe receipts that could be ex- 
pected from toe others. The consen- 
sos among analysts was that a com- 
pany worth as much as £250m in 


one piece would be unlikely to raise 
more than £100m after toe break- 
up. 

Secretaries of state come and go, 
imri the lyfori , Mr Paul Chanson, 
has not found time, in the brief 
days bis appointment after 
the election, for a ctose look at what 

is happening at NBC. 

When he does, ho w e v e r, there is 
little doubt that he will be as 
pleased with the progres s now be- 
ing r nwte as his predecessor, Mr 
John Moore, was before his promo- 
tion to head the Health and Social 
Services Department. 

Mr t xmri hag so far succeeded in 
selling 35 of the 73 companies into 
which NBC was finally reorganised, 
and there are a further 15 awaiting 
approval from Mr Channon. 

Ibis »»*■«<>»« tha t around 50 subsi- 
diaries are likely to have been sold 
by mid- August, toe anniversary of 
toe sale to its management of De- 
von General, the first of the operat- 
ing companies to be sold. Further- 
more, Mr Land is sticking to his 
pledge, made at the end of last year, 
that all the companies will be dis- 
posed of by January 1988 - 12 
months of the statutory 

deadline. 

Pleased as he is with the progres s 
bang made now, Mr Land makes 
no attempt to deny that cam- 
paign got off to a slow start He 
blames this on the complexity of 
aplrtting jjp gr o up responsibilities 


for pensions, bus leases, overheads 
and so on; together with the initial 
reluctance of outride bidders to 
wnw* forward. 

”A lot of people outride toe indus- 
try were bolding bade, thinking 
that we might end up paying them 
to fakp the companies off our 
hands. But, in fact, we created a 
market by getting the first compa- 
nies away, and as time has gone on 
we are generating modi more inter- 
est from outride,” he says, 

NBC refuses to discuss toe sale 
prices of individual companies, in 
order not to prejudice negotiations 
on future sates, and an interim re- 
port on receipts promised by Mr 
Moore has not yet materialised. 

Informed opinion, however, is 
the first few buyers of operat- 
ing companies, all of which were 
management consortia, got a very 
good (teal at a time when NBC was 
desperate to get some sales under 
its belt 

AH toe indications now are that 
toe prices being paid for companies 
wnmiwg later to the market are at 
least 50 per cent higher than the 
level of earlier disposals. 

Mr Philip Williams, a director cf 
HtlT Rawing! and Co, which bad 
a hand in financing a number of 
bidders, says there has been sub- 
stantial price escalations as the 
NBC team haw developed a feel for 

toe market, and an abOity to get an j 
auction going. i 


power station 


BY MAURICE SAMUELSON 

THE CENTRAL Electricity Gen- 
erating Board is proceeding with 
plans for a third new coal-fired pow- 
er station in addition to the two for 
which it is expected to seek plan- 
ning permission at the end of this 
year at Fawfey, Southampton, and 
West Burton, Nottinghamshire. 

It win be at Kingsnorth, on the 
Medway river in south-east Eng- 
land and , like the proposed coastal 
plant at Fawley, is designed to meet 
growing electricity demand in 
southern E ngland, like Fawley, 
too, it wffl also be able to negotiate 
for imported coal if the board is not 

satisfied with British prices. 

The CEGB is to embark on a 
mixed series of about 10 coal ami 
nuclear power stations by the end 
of to A century. Kingsnorth, the site 
of an existing power station, has 
the advantage of being on a neck of 
land owned by the CEGB, and plan- 
ning permission would not be diffi- 
cult to obtain. 

Other possible rites for new coal 
burning power stations include 
Hama Wail, in the Midlands, and 
KiHinghnlfflg , on the east coast 

At Hams Hall, an existing power 
station would be withdrawn from 
service and largely reconstructed 


once toe new Fawley plant came on 
stream. 

The CEOS’S ambitions at Kings- 
north were confirmed by a report in 
last week's New Civil Engineer 
magazine that a consulting 
png inger is to conduct a transporta- 
t io n study for a new 1,800 MW coal- 
fired power station. 

The study, by Mott Hate row 
Gibb, will examine the movement 
of workers and materials to toe rite, 
which at peak will employ a work- 
force of 2,000. 

• The prospect of Northern Ireland 
having the UK's first private power 
station is now receding as a result 
of the Government's declared inten- 
tion to privatise the industry as a 
whole under its national manifesto 
commitments. 

Before the election, the publicly 
owned Northern Ireland Electricity 
service (NIE) had expressed grow- 
ing concern over the Government's 
apparent interest in inviting a pri- 
vate consortium to build and op- 
erate a large power station fuelled 
by one of toe province's major un- 
tapped reserves of lignite, or brown 
coaL The 450 MW plant, to be built 
alongside the new lignite mine, 
would have exist about £500m 


BUILDING 
ON SUCCESS 
IN THE CITY. 

At Trollope & Colls we know quite a bit about the City. After all, we've been building and refurbishing there for over 200 years. 

But that doesn't mean we're behind the times. 

We're setting the pace in many areas of hi-tech building. We even have a specialist division, catering for the City's 
ever-growing appetite for data facilities and communications. And now, whilst still helping build the City, 
we're building more. In Greater London. The Home Counties. And parts of the North. 

And with the resources of the £2 billion Trafalgar House Group to call upon we can tackle any building, 

refurbishment or management project. 

Trollope & Colls. Where g ood building matters. 



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Bowater hopes 
for flotation 
next year 

By Tony Jackson 

BOWATER UK Paper, the subject 
of a management buyout 

from Bowater Industries last Sep- 
tember, is ahead of schedule in 
coming to the stock market. 

Mr Tom Wilding, chainnan of 
Bowater UK Paper, said be was 
now contemplating a flotation early 
next year. 

The UK’s biggest paper maker 
with 500,000 tonnes of capacity, 
Bowater UK Paper made pre-tax 
profi ts of rvkm an £7hn be- 
tween the buyout date of Septem- 
ber 10 and the year end, Mr Wilding 
said. Last month, profits after inter- 
eripa y m en ts were £L25m. 

The faster than expected prog- 
ress was partly the result of good 

wiiriff t ftiiiHIHmn, Mr Wikfing mid, 

but the most imp ortant reason was 
a £60m capital expenditure pro- 
gramme completed on toe company 
by its parent Bowater Industries at 
toe time of the buyout 

Mr Wilding said of the proposed 
flotation “we would like to push the 
company forward, and if s a Mg ad- 
vantage to have a public share 
quote." 


AIR 

CONDITIONING 



LONDON 

01-903 0081 
BRISTOL 517923 
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MANCHEffTCR OaiSi 9737 

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Financial Times Monday June 22 1987 


MANAGEMENT 


West German chemical industry 


Why No 4 takes an 
alternative route 


Andrew Fisher reports on the family-owned Henkel group 


WHEN HENKEL is called West 
Germany’s fourth largest chemi- 
cal concern, it tends to get 
a little edgy. It does not like 
to be thought of as an also- 
ran after giants like Bayer, 
BASF, and Hoechat 

The true difference, however, 
lies not just in size but in 
product range and, most par- 
ticularly, in the very character 
of the Dusseldorf-based opera- 
tion. For Henkel is a family 
company, the largest in a 
country where family companies 
play a significant corporate 
role. 

This character has been re- 
flected in a restructuring 
programme over the past few 
years which has sought to focus 
the company more clearly on 
mainline and profitable activi- 
ties. Peripheral and loss-making 
operations have been sold off, 
while core businesses .have 
been expanded by acquisitions 
and strategic alliances with 
other companies. 

The company has tried to hold 
on to what are normally seen as 
family virtues as it has pro- 
ceeded with its programme in 
increasingly tough world mar- 
kets. Though managed by non- 
family members, the activities 
of Henkel are pervaded by 
notions like partnership, finan- 
cial restraint and far-sighted- 
ness, and a softly, softly 
approach to expansion. 

True, not all families are like 
this, and not all family com- 
panies do well. But Henkel 
has held to its traditions as 
it has allowed In outside share- 
holders, kept profits growing 
steadily, and increased its global 
marketing and production links. 

As a quoted company (though 
the family has held on to the 
votes), Henkel has to he as 
alert as its rivals. “We must 
be competitive in the market 
place,” says Helmut Sihler, 57, 
the Austrian-horn chai rman. 

Henkel has kept away from 
tiie sectors In which the big 
three chemical groups are 
strong, like pharmaceuticals, 
fertilisers, agrochemicals, 
energy, and hulk products. 

Instead, it has concentrated 
on specialist products in well- 
defined market sectors. It has 
reinforced its position in key 
areas like detergents, adhesives, 
and metal surface treatments. 


and moved beyond its northern 
European stronghold into the 
Mediterranean, the US, and 
Asia. 

In trying to balance the in- 
terests of shareholders and the 
demands of the market, it has 
eschewed high debt to finance 
acquisitions and mostly lived 
cash flow to promote growth. 
"Our financial position is very 
sound, so we don’t have to 
change the nature of our 
balance sheet in order to grow," 
says Sihler. 

Last year net profit rose by 
28 per cent to DM 226m 
(£l24m), helped by lower raw 
material prices, and a further 
rise to around DM 270m is on 
the cards for 1987. The 1986 
increase was on the hack of 
sales down by 5.5 per cent to 
DM 8.7bn — a third on the 
domestic market and most of 
the rest from foreign-based 
units rather than exports — 
mainly because of the strong 
D-mark. 

To sharpen its thrust, it has 
bought businesses from groups 
like Beech am of the UK in the 
do-it-yourself sector and taken 
stakes in others like Loctite of 
the US, in which it owns 25 
per cent, in adhesives. So it is 
not keen to be known mainly 
as the company which makes 
Persil washing powder, at least 
in those countries where Uni- 
lever, the giant Anglo-Dutch 
group, does not own the name. 

How does it see itself, then? 


Well, says Sihler, a keen astro- 
nomer, golfer and skier, “ we’re 
no longer just a detergent 
company, but an international 
chemical specialist company. 
We feel more comfortable in 
that role." 

The family exercises its con- 
trol through a shareholders' 
committee headed by Konrad 
Henkel, a grandson of the foun- 
der and in charge of the com- 
pany in the 1960s and 1970s 
when it built up its foreign 
activities. Under Sihler, expan- 
sion abroad has been continued 
and refined. 

Hi the last few years, Henkel 
has sold lossmaking or peri- 
pheral businesses with total 
sales worth some DM 400m. 
These included its unprofitable 
Belgian detergent operation. 



Public model for a 
private venture 


BY ALAN PIKE 


THE LINK Organisation, ex- 
plains Dewi Bees, one of its 
founders, is re-creating the 
original of the Manpower 
Services Commission in the pri- 
vate sector. . 

Not many owners of private 
companies in the UK would 
reach for enthusiastic compari- 
sons with Government agencies 
to describe their businesses, 
even if they knew what the 
original aims of the Manpower 
Services Commission were. 

But Link has untypical 
origins. Rees, formerly a mar- 
keting director with Whi tbre ad, 
was seconded to the Department 
of Employment in the early 


1970s. He began his spell in the 
civil service by working on the 
remodelling of the public pro- 
fessional and executive recruit- 
ment service, and then became 
one of the pioneers at the 
newly-formed MSC — it had 

staff in those days. This 


Helmut Sihler: concentrated on specialist products 


the US gluten business (both in 
the red and outside its main 
activities), and its South 
African detergent company, 
also a loss-maker. 


But it has also added some 
DM lbn of sales through buy- 
ing companies In strategic 
product and market areas. 
From Occidental Petroleum it 
purchased Oxy Process Chemi- 
cals in the US, with sales of 
some DM 300m and a strong 
position in chemicals for the 
textile, leather, paper, and 
paint industries. And when 
Bee cham's DIY side (annual 
sales around DM 200m) went 
up for sale last year, Henkel 
moved in, seeing a chance to 


expand its adhesive and build- 
ing product activities. 

Of the Beech am sale, notes 
Sihler, “it was an opportunity 
that offered itself to us — it 
was right down our alley.” 
From Clorox, the US house- 
hold cleanser and food concern, 
in which it Is raising its 25 
per cent holding to 30 per cent, 
it bought a Spanish detergents 
company and added to its 
French business dn this sector. 

Henkel has made other piece- 
meal deals, too. Last year, it 
acquired Parker Chemical, a 
specialist in metal surface treat- 
ments, from Ford Motor, set up 
a. joint marketing venture in 
Germany and Japan with Lion 
Corporation of Tokyo in the 
fields of hair colouring, oral 
hygiene, and shoe care, and 
bought Chemische Fabrik 
Granau from Degussa, another 
West German company, to 


strengthen its position in food 
additives. With Hercules of the 
US, it has formed a joint ven- 
ture in soloable polymers. 

“ AD in all,” says Sihler, “ it’s 
quite a sizeable investment pro- 
gramme, though the different 
pieces may not be that sen- 
sational.” The new interests fit 
well with Henkel's present 
activities, he points out The 
company wanted small, well- 
managed, profitable companies. 
u Those are more difficult to get 
than the bargains.” 

It also saw the need to expand 
in the US, where it was still 
small and barely profitable, and 
in Japan. "We can’t have a 
European myopia.” 

This burst of new activity has 
given the group a more competi- 
tive stance, says Sihler. "We 
were a company that was 
sufficiently diversified, but may- 
be going in too many directions 


How Persil became synonymous with whitewash 


IN 1923, when inflation was 
raging in Germany, a packet 
of Persil cost well over 
DM LOOObn. Ten years 
earlier, the washing powder 
had Inspired the most famous 
advertising slogan In 
Germany “ Persil blefirt 
Persil” (Persil remains 
Persil). 

Today, Persil— also avail- 
able in an ecologically sound, 
phosphate-free form— -is still 
Henkel's best-known product, 
though there are 8,006 others. 
It is part of the detergent 
and household eleantng divi- 
sion, accounting for 32 per 
cent of turnover. 


For many years, the history 
of Persfl was virtually the 
history of HenkeL It was 
launched 80 years ago aa a 
product designed to take the 
back- and aim-ache out of 
washing. No hard rubbing or 
bleaching was needed 
only one wash. 

It quickly caught on, 
though some housewives 
were seepticaL The company, 
founded in 1876 by Fritz 
Henkel In Aachen and soon 
moved to more central 
Dusseldoif, found M had a 
winner on its hands. The 
contents of the green and 
white carton represented u 


significant shift from the 
brown-packaged bleaching 
soda first made by Henkel. 

Persil is an a rtific ial nam e, 
racing syllables from its maip 
components, perborate (an 
oxygen salt), silicate, soda, 
and soap. It eonld have been 
called Fersidol or Oxll, frat 
it vag thought these rolled 
off the tongue rather less 
easily. 

Two years after lunching 
Persil, Henkel granted a 
licence to Grosfield, later 
taken over by Levek 
Brothers. Today, the Unilever 
concern has the right to the 
Persfl name In Britain, the 


RepiAUe of Ireland, most of 
the Commonwealth, and 
France. 

Under the Nazis, Henkel 
had to stop making Persil In 
1939 and concentrate on basic 
washing products laid down 
by the state. After the war, 
the word gained an extra 
meaning in Germany, when 
documents were needed to 
prove denazification. A PersU- 
Scfaeln (certificate) meant 
the notorious Nazi brown- 
shirt had been washed white. 

Today, a Persil-Seheln de- 
notes a dean bill of health 
for anyone associated with 
scandal. 


at the same time.” 

Just about as large as deter- 
gents and household cleansers is 
Henkel’s chemical products 
division, comprising oleo- 
chemicals, and water soluble 
polymers. These products, used 
in a host of chemistry-based, 
manuf acturing and consumer 
industries, make up 80 per cent 
of group sales. Commercial and 
industrial cleansers account for 
25 per cent, adhesives and tech- 
nical products for 16 per cent, 
and cosmetics and toiletries for 
only 7 per cent. 

Henkel aims to expand the 
latter division to reach over 10 
per cent of turnover. “In that 
area, our acquisition pro- 
gramme is not over yet,” says 
Sihler. “We could buy one 
company or three or four 
smaller ones.” It is mainly look- 
ing for new hair and dental 
care products. 

Sihler reckons the group is 
now more or less where it 
should be in terms of products 
and regions. Now, he adds, 
"our intention is to be a major 
player in the markets where we 
are.” As for the future, he is 
keen that Henkel should im- 
prove, whether in production, 
marketing, or research. But he 
is not thinking in terms of 
giant leaps. “We are higher 
♦b»n average, hut we are not 
first class,” he says modestly. 
“We need a lot of small steps 
to make us a first class com- 
pany. We mustn't be' satisfied 
with what we have.” 

Setting its sights high has 
always been a Henkel charac- 
teristic. Fritz Henkel, who 
founded the company in 1876, 
believed it was not enough just 
to sell a product and see it was 
on store shelves — “it must be 
sold with enthusiasm.” 


whole employs 650 people and, 
alter only four years, has a 
. turnover of £26m. 

Daring lint’s relatively short 
life ithe Rees's have consistently 
pursued a policy of diversifica- 
tion throughout the field of 
human resources services. 
Executive search, management 
selection, recruitment advertis- 
ing, career counselling, occupa- 
tional health and office ser- 
vices all form part of its acti- 
vities. Last month It opened 
branches in Birmingham and 
Leeds of a new division. Link 
Fi nancial Recruament, specia li s- 
ing in the recruStment of 
accountants and financial advi- 

50 One of the organisation’s 
newest innovations _Js Linkline, 
a sy stem under which Link re- 
cruitment advertisements in 
newspapers will be accompanied 
by freephone telephone nmn- 
bers through ito Link’s head 


gave nil uivuivunimu 

commission’s early job creation 
and training programmes before 
becoming its regional director 
in Manchester. 

This was all good experience 
when Rees decided to return to 
the private sector in the early 
1980s and set up Link, an execu- 
tive search, recruitment and 
But it 


TIT! fOWO ,XT7T 
■nuMv) 


tion will be carried out over the 
telephone, but the system will 
enable Link to sort otft poten- 
tial applicants' initial queries 
and refer them *o employers 
much more quickly than by cm- 
veutional methods. 

Linkfs YTS activities provide 
tr aining for more than 12.000 
young people a year in retailing 


tiie experience of his wife, 
Elizabeth. 

Elizabeth Rees was deputy 
chief executive of the Distri- 
butive Industry Training Board 
at the time her husband was 
preparing to leave the cavil 
service, but the board was 
approaching the end of its 
days. It was the largest of 16 
statutory training boards which 
the Government wound up in 
1983. 

Apart from needing a new 
job for herself, she saw the 
continuing need tor a national 
training organisation in retail- 
ing, and the means of staffing 
it from DITB personnel looking 
tor other posts. 

So the lank Organisation was 
formed — - with Elizabeth Rees 
running its training operations 
and her husband the recruit- 
ment services. 

It has established a nation- 
wide Job placement and train- 
ing structure — hence Dewi 
Rees’s description of Link as a 
kind of private-sector MSC. 
And although it cannot rival 
the MSCs growth from seven 
to 20.000-plus employees, Link 
is the largest private training 
agency on the Youth Training 
Scheme. The organisation as a 


Some 43,000 young people have 
received Link training since 
Elizabeth Bees took over 
where the DTIB was forced 
to leave off. „ 

Companies using Link YTS 
training in retailing include 
Boots, British Shoe Corporation, 
Fine Fare, Next and the Burton 
Group, and Link was this year 
in the first batch of training 
agencies to receive Approved 
Tr aini ng Organisation status 
from the MSC. 

Dewi Rees believes that the 
time be spent in the civil 
service, and his wife's spell at 
a statutory training board, give 
them a background for develop- 
ing Link which would not have 
come from working In the 
private sector alone. 

"It is not just a question of 
the particular experience which 
we picked up. The private sector 
has taught us that we must 
identify and meet market needs 
correctly, while the civil ser- 
vice showed me a lot about 
establishing powerful adminis- 
trative and financial controls. 
All our business meetings, for 
instance, are timed to meet 
British Rail’s whims and fancies 
so that we can travel on Saver 
tickets." 




Worldwide Sponsor 1988 Olympic Games 


V- •' V, • ' 7- 






Giving someone a Cross 
pen isn't necessarily a sign that you 
love them. True, many are given as very 
personal gifts. 

But a Cross writing instrument can 
also express more businesslike sentiments. 

It can say ‘'thank you for your efforts 8 ’ 


M 


Not every Cross 
comes with a kiss. 


CARRIED THROUGHOUT THE WORLD 


The Olympic torch passes through can be confident that your Visa 
many dries and countries on its way Travellers Cheques and Travel Vouchers 
to open each new Olympiad. will be warmly accepted. Lost or stolen 

j 3 ^ s , came ^ throughout the cheques can be replaced at over 60,000 

world and as an exclusive sponsor of places - usually within 24 hours, 
the 1988 Olympics is the only card 5 million locations world-wide will 
accepted on-site at the Games. welcome your Visa card for travel, 

When you travel abroad entertaining and shopping, 

for business or pleasure you Use Visa— travel confidendy. 

VISA 


and "keep up the good work* to your 
employees. 

Or it can serve as a gentle reminder 
to your customers. Even as a gesture of 
appreciation to your suppliers. 

Whatever your reason for giving, a 
Cross pen is certainly a most memorable gift. 

After all, it is unquestionably one of 
the worlds finest writing instruments 

To make a single Cross pen takes no less 


W " thanl50 separateopeiations. 

Every component is machined to an 
accuracy of one thousandth of an inch. 

The result is a writing instr umen t 
of unrivalled precision and a possession 
to treasure for a lifetime. 

Indeed, it is backed by a lifetime 
mechanical guarantee. 

And when a Cross pen incorpor- 
ates your company's logo, you can be sure 
^vill always be remembered as a gift 

horn you. 

Your logo can be reproduced firithMy 
either in enamel,m up to six colours or die- 
struck in a special - 

jewellery finish. IP t-PI (j§||) 

For more information, telephone our 
Business Gift Department on 0582 422793 
or write to us at the address below. 

We will send you our Business Gift 
Pack, not with a kiss, r\ T\ q 

but the promise of some- 1 , K 1 1 \ \ 
thin<? for VXVV/UU 


All you need 


lo make asingle Cross pen takes no less thing for more enduring. sinceib 4 b 

Gwamfe Smct, Uum, But Lll2 0JD. ffl: (05S2) 422793. TH.E bgo depict fat H °“”’ 







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.- National 
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W a 



ational Travelworld, trading 
through more than 100 retail 
travel outlets, is for sale — as part of 
the privatisation of the National 
Bus Company. 

Created only three years ago. 
National Travelworld has a c h ai n of 
nearly 90 owned or leased travel shops 
and licence arrangements with a 
number of others — located in major 
cities and towns throughout England 
and Wales. 

In terms of the number of outlets. 


the National Travelworld chain has 
grown to take a place among the leading 
agency groups in Great Britain. All its 
shops are registered with the 
Association of British Travel Agents 
Limited and 34 of them are additionally 
licensed by the International Air 
Transport Association. 

As with the sales of other 
subsidiaries of National Bus Company, 
bids will be welcomed from interested 
parties for the sale of National 
Travelworld as a single entity. 


Further information about 
National Travelworld, or the remaining 
subsidiaries in National Bus Company’s 
disposal programme, can be obtained 
from the Chairman, National Bus 
Company, 172 Buckingham Palace 
Road, London, SWlW 9TN. 


a V'":„' " raw 

J. I 6®s3| 

S' »■ ' ?Vi 






This advertisement does not mtulilule an 
offer or invitation 1b aopiirr any alums In. 
or the undertaking or es«*s of. or any 
interest in the undertaking or asael* of. 
IboNoliunal Bus Company or any of ila 1 

subs idlar\- or associated companies. j 

This advertisement ts taauLtl cm behalf nl 

the National Bus Company by Its HnancraJ 
advisers. Barclays dr Zoeto Wcdd Limited. 





THE TRAVEL CHAIN 
WITH THE NATIONAL NAME 




ANOTHER NATIONAL BIB PRIVATISATION 









Financial Times Monday June 22 1987 


12 




AJOTESELSKABET 

HAFNIA INVEST 



ISSUED SHARE CAPTIAL 

Issued and fully paid store capital 

A shares 
B shares 

Total issued share capital 


DKr nominal 

234,523,200 

388457 , 600 ,. 

622,680^00 


Particulars relating to Hafnia Invest are available in the fotel Statistical Services. 
Copies of such Particulars in book form may be obtained during normal business 
hours on any week day (Saturdays and publicholidays excepted) up to and including 
24th June, 1987 from the Company Accouncemenfs Office, The Stock E xch a n ge, 
London EC2 and up to and induding 6th July, 1987 from the principal place of 
business ofHafhia Invest and from: 


Banque Paribas Capital Morgan Stanley International 
Markets limited Kingsley House 

33 Wigmore Street la Wimpole Street 

London W1H0BN London W1M7AA 


Quitter & Co limited 
33 Wigmore Street 
London W1H0BN 

22ndjtme,2987 


CONSTRUCTION CONTRACTS 


£95m office complex spans London Wall 


Work baa started on a £95m 
contract In replace Lee House, 
In the City of London, with a 
landmark office b uilding which 
will sp an L ondon Wall. Awarded 
by MEPC to MOWLEM 
MANAGEMENT, the project is 
believed to be one of the most 
complex and tec hnically chal- 
lenging building projects In the 
Iik. 

• It involves demolition of the 
21 -storey Lee House and con- 
struction of an 18-storey office 
building on the site, and In the 
“ air rights” over the London 
Wall/Wood Street road junction. 
Nine houses and maisonettes on 
the south side of Moukwell 
Square are Included, together 
with shops, a public house, a 
restaurant and a kiosk for the 
Barbican Information Centre. 

The 373,000 sq ft (net) 
building will consist of office 
floors, ranging from 10,000 to 
30,000 sq ft, grouped around 
three atria, suitable for flwaHng 
and standard office use. Com- 
puter and storage space, together 
with car parking and services, 
will be at basement level 

The first challenge for the 
project team is what 

Is believed to be the tallest 
building to be demolished in 
the City. The concrete struc- 
ture to Lee House will be cut 
up and lowered by tower crane 
Into vehicles which will take 
the elements outside the City 
for crushing. The site is next 
to Barbican homes (the closest 
are only 7 yards away) and 



Leaking north from Wood Street, showing the 41 air rights " 
building which will straddle London Wall 


City planners have Imposed 
strict limits on the site working 
hours for both demolition and 
construction. 

Before construction can begin, 
all the major statutory services 
from the London Wall/Wood 
Street intersection must be 
diverted and sections of the 
underground London Wall car 


park rebuilt to make way for 
the new substructure. These 
works involve traffic manage- 
ment and Mowlem has appointed 
a specialist works contractor to 
co-ordinate operations and work 
in liaison with the police and 
City engineers. 

The basement under Lee 
House and Monkwell Square is 


to be deepened to incorporate 
a second basement level using 
the “ top-down " method adopted 
by Mowlem at the British 
Library site. A steel-framed 
structure, with composite metal 
deck and concrete floors, will 
rise from a bored pile and dia- 
phragm walled substructure. A 
“pod” system will be used for 
the construction and installation 
of the lavatories and the com- 
plex will be clad in a variety 
of materials — largely granite, 
aluminium and glass. 

A highlight of the construc- 
tion will be the erection of the 
cable-stayed girders and tied 
arches which form the transfer 
structure that will support the 
16 floors of the “ air rights ” 
building over London Wall/ 
Wood Street This will take 
place over several weekends 
during spring 1988. 

The buildings will initially 
be finished to a shell and core 
specification, which will include 
operational main plant installa- 
tion of all vertical ducts and 
risers and commissioning of 
lifts and escalators. The air- 
conditioning system will be 
VAV with perimeter heating 
from between five and nine 
package air handling units per 
floor, depending on usage. 
Standby generators will be on 
the roof level. High-speed lifts 
will serve all the floors. Work 
is due for completion in three 
years. 



CRENDON 

Hf-Spec Structures 
for 

Hi-Tech Industries 

CRENDON STRUCTURES LIMITS 
LonflCnwrdon. Aylesbury. Bucks. 

Tel: Long Crendon 108441 20848' 

. TetacS3249 ;j 




Overlooking River Brent Wall at Stansted Airport 


NOTICE or INTEBBST nm 

Ho Um Holders of 
International Bunk far 
Becoufitruction and 
Development 

Undated US. DoUor Hotting Hit* Notes 
of 1985 

In accordance with the provisions of 
the Notes, notice is hereby given that 
the above Notes will bear Interest for 
the period from June 15, 1987 to and 
including September 14, 1987 at a rate 
■ annum of 6.171013% payable on 
' 15, 1987 in the amount of 


<157.70 in respect of each <10,000 prin- 
cipal amount of Notea and <3,942.59 
tn respect of each <250,000 principal 
amount of Notes. 

MORGAN GUAHA1VTY TRUST COMPANY 

WHEW TOOL fnco/ Agtmt 

Dated: June 22, 1987 


£500,000,000 
Floating Rate Notes 1991 


t 


NATIONAL 

BUHMNGSOOETY 

(Incorporated In England under the BukOtg Societies Act 1874) 

In accordance with the provisions of the Notes, 
notice is hereby given that for the three months 
interest period from 19 June, 1967 to 21 Sep- 
tember, 1987 the Notes will cany an Interest Rate 
of 9.08% per annum. The Interest payable oh the 
relevant interest payment date, 21 September, 
1 987 wH be £233.84 per£1 0,000 principal amount. 


19 June, 1987 

By The Chase Manhattan Bank, N A, 
London, Agent Bank 


HUNTING GATE has been 
awarded an £8Bm contract to 
design and build a 149,000 sq ft 
office development on a river- 
side site by the A4 In Hounslow, 
west London. 

The design is based on a tradi- 
tional theme with the scale of 
the buildings reduced through 
the use of facing brickwork, 
complemented by steeply-pitched 
roofs with overhanging eaves. 
Curtain walling has been intro- 
duced to provide a strong con- 
trast to the brickwork and to 
hi g hli g ht the main entrances to 
each of the blocks. 

To enhance the elevation to 
the River Brent, a series of brick 
archea will be introduced at low 
level tn provide further visual 
interest in the scheme. The 
banks of the river are being 
landscaped with the original 


mooring rings retained. 

Each building is to have a 
separate Identity within the 
development providing two and 
four-storey units, with produc- 
tion areas on the ground floor 
and offices above. A feature of 
the scheme involves use of the 
natural fall of the site to accom- 
modate underbuilding car park- 
ing, serviced by a ring road 
system. 

As well as the riverside view, 
future occupiers will be able to 
look down on a landscaped court- 
yard featuring a water sculp- 
ture. This, says the developer, 
combined with a landscaped pro- 
ject which uses semi-matured 
trees in an extensive planting 
programme, will create a high 
quality environment once the 
project is completed in August 
1988. 


As part of the major develop- 
ment at Stansted Airport, Essex, 
CEMENTATION CONSTRUC- 
TION, a Trafalgar House com- 
pany, has been awarded two con- 
tracts together worth nearly 
flOm. 

The largest, at £7Bm, is for 
a massive retaining wall, 600 
metres long. The wall will be 
formed by contiguous bored 
piles held back by Macalloy 
bars, fixed into a second line 
of concrete piles. 

Piling will be carried out by 
associate company Cementation 
Piling & Foundations. There will 
be about 374 bored piles ranging 
in length from 10 to 25 metres 


of 1,050 mm diameter. 

The wall will tie Into the 
concrete floor of the airport ter- 
minal concourse which in turn 
ties in with stage 1 of the ter- 
minal which is presently under 
construction. Ground conditions 
necessitate extensive dewatering 
throughout the site. Completion 
is scheduled for mid-1988. 

The smaller contract worth 
£ZSm is for inf rast r u cture works 
at the airport The project 
broadly comprises earthworks, 
drainage and services as well 
as a li km long, 9 metre wide, 
concrete block access road. 
Works have started and are 
scheduled to take 34 weeks. 


City offices 


PROJECT MANAGEMENT IN- 
NATIONAL is to manage the 
new Roy Properties 150,000 sq ft 
office development, and 40,000 
sq ft of mad-tech space at the 
Aldgate Exchange, Commercial 
Road, EL The scheme is cost- 
ing about £20ul 
The building will have an 
atrium and provide office space. 


Including dealing floors, an 
adjacent computer building and 
car parking. It is part of a com- 
prehensive development pro- 
gramme now being carried out 
by Roy Properties in the City. 
Further sites to be developed 
are in Leman Street and Man- 
sell Street 

Demolition has commenced 
and a fast-track programme of 
18 months construction is envis- 
aged for completion In late 1988. 


Over film for 
R. M. Douglas 

Orders for £U.4m have been 
received by B. M. DOUGLAS 
CONSTRUCTION. A Department 
of Transport lane rental contract 
worth £l.65m for hardening the 
central reservation of the Ml 
motorway between Crick and 
Whilton Locks, near its junction 
with the M45, is planned for com- 
pletion in 39 days working night 
and day. Work has started on a 


52-week office refurbishment con- 
tract for Glaxo Operations UK at 
Ware, valued at £2. 7m. A design 
and build contract of £700,000 
for a Texas Homecare DXY ware- 
house in Poole has started, for 
completion in October. 16.4m of 
the total la for contracts in 
South Wales. Work has started 
on the £2.9m 91-week contract 
for 'Scheme 2 at Horrlston 
General Hospital, Swansea. A 
factory unit of £600,000 at Kenflg 
for Orion UK and a £2Jhn 
factory for KALE. (UK) at New- 
port will start soon. 


£ 23 m prison £t 
Wolverhampton 

TAYLOR WOODROW hm 
been awarded a £23m .con- 
tract by the property Ser- 
vices Agency to huili a 
prison on a site near Waver- 
tampion. Work starts :this 
month with completion fche- 
duled for late 1989. Thetwo- 
storey prison comprised two 
main blocks, an adminstra- 
tion complex, workshops, 
stores, education and 'reli- 
gious units and physical 
recreation facilities, j The 
scheme incorporates .land- 
scaping and high security 
arrangements.^ j 

WALTER LAWRENCE PRO- 
JECT MANAGEMENT fcas been 
appointed by the : London 
Borough of Richmond upon 
Thames to manage a construc- 
tion programme valued overall 
at £13m. 

A major element is the design 
and construction of new offices 
at York Street, Twickenham, 
Middlesex. The work involves 
demolition of buildings behind 
the retained facade of 60-68 York 
Street. The new works will pro- 
vide a basement car park for 
about 70 cars and office accom- 
modation on three/four floors 
incorporating a central atrium. 
The retained facade will be refur- 
bished and the remainder of the 
new building clad in a sympa- 
thetic style using traditional 
materials. An adjoining site, at 
42 York Street, involves refill 
bishment and construction of an 
extension to the rear. 

★ 

NORWEST HOLST has won a 
further £6m package of work 
on the British Library in London 
bringing the total to nearly 
£12.5m. The latest contract 
includes construction of a nine- 
storey reinforced concrete frame 
including waffle floors, precast 
concrete corbie units, troughed 
floors and lightweight roof slabs. 
Although overall completion is 
programmed for two years, 
various sections of the work 
will be handed over during the 
contract 

An unusual feature of the 
building is the meeting room/ 
lecture theatre measuring 20 by . 
25 metres, with a tiered slab 
supported on accoustically inf- 
lated bearings giving a mini- 
mum of 50 mm air space above 
the structural slab beneath. In 
total 10,000 cu metres of con- 
crete and 2,400 tonnes of rein- 
forced steel will be used. 


*9 



Dw forefathers of modem 
Portugal discovered the art of 
navigating the world you seek 
today. 

Bom to the nobility of one of 
Europe's oldest cultures, the 
Portuguese know intuitively your 
individuality, your quest for 
quality. 

Book your flight aboard Air 
Portugal's Navigator Class 
Top Executive, and your 
choice seat is reserved 
simultaneously. While your 
baggage is separately handled 


Navigation- 

an 

Efficient 
and Graceful 
Art 


Portuguese TUo, . 16 th century — Paced' Arcos. Litbo«. Portugal. 


aboard, rapid pre-flight 
attentions tree you to enjoy the 
solid co mfm t s of the Navigator 
Lounge*, with its many fine 
appointments and amiabilities 
ready to hand. 

And once in flight, high above 
the trade routes of the an cient 
Portuguese Navigators, you'll 
find more of the same quiet 
comforts of our personal service 
will accompany you through to 
your destination — relaxed and 
m top form after a pleasant and 
memorable journey. 


Seek the world over, you will 
find the Portuguese are First. 
Efficiency. Punctuality. 
Dependability. We ore a 
Legend. 

• long hod service only 



Nwjgwqq* 

CLASS: 

lop executive * 


V\fe fly the Ik® of History. 


PORTUGAL 


Meeschaert Rousselle 


.Because on the newfy opened Taris exchange, 
size means nothing 
without savoir-faire* 

Let the specialized knowledge, 
comprehensive research resources, and 
sophisticated irformation systems of a 
long established market leader open the 
way to your investment success in prance. 

Pdeeschaert(RgussetIe,iheTarisianpar tner 
for the discerning investors. 








M 







13 



> 


iV 





* r 5 

I >' 



Financial Times Monday June 22 1987 

We steamed it. 



We froze it. 



We shook it.' 



We rocked and rolled it 



f&luftiwMymationrins (0800) 400441 


( go get to jo 
M Vectrn hi 


o get to your office, the 
Vectrn has to go through helL 


How can we be so sore our Vectra computer won’t let you 
down ? Because we asked Lloyd’s Register of Shipping to 
give it a going over. 

Lloyd’s test all kinds of equipment for seaworthiness. They 
believe a computer should be able to round the Cape t, reach 
the Pole and spend a week in the Doldrums. 

Which is why they tested the Hewlett-Packard Vectra as if 
lives depended on it 

First, they left it in a temperature of 55°C for 100 hours. 
Then they lowered the temperature to -25°C for 16 hours . 
In the next test they again raised the temperature to 55°C 
but this time with a humidity of 95%. 

They also rolled the Vectra each side of the Vertical, they 
vibrated it for two hours and they fluctuated and interrupted 
the voltage and frequency. 

The results, we think, will surprise you. 


resistor more firmly, Lloyd’s gave us a dean bill of health. 
For those on dry land, the message is dear. 

If the Vectra can ' cope with life at sea, it should find 


Wmm HEWLETT 
Iffli PACKARD 

We can work it out 


i 






14 


Financial Times Monday June 22 1987 


Glasgow 


Edinburgh 


Copenhagen 


Crewe 

Birmingham 


Cardiff 



Warsaw 


ite Munich 


Vienna 


Lisbon 


Eurotunnel. 

Look at it this way. 


r 

Naples 


Never mind Collier’s Wood to Camden Town. 

Forget Amos Grove to Archway. 

In six years’ time, you’ll be able to hop on a 
train from Birmingham to Brussels. 

Or catch the 8.23 from Newcastle to Nice . 
(change at Paris). 

For as the final section of rail is lowered into 
place somewhere beneath the Channel, Eurotunnel 
won’t simply be making history. 

It’ll also create the single biggest unified rail 
network in the world. 

Im a g ine all the advantages that’ll mean to the 
hard-pressed international traveller. 

For the first time, you’ll find yourself getting 


from A to B without having to worry about sea. 

There’ll be no more humping luggage off the 
train onto the boat and back onto the train again. 

No more pacing the deck worrying about 
missed connections. 

And, just for good measure, rail journey times 

to the Continent reduced by about 2 hours. 

Indeed, if you happen to be reading this in the 

cab queue at Heathrow, consider the following. 

From city centre to city centre, 

the train will outstrip the plane fEURO ■ 

^TUNNELf 

on most trips up to 300 miles. J/ 

Try and beat that for A break* trough 
going, Boeing. f or Britain. 


Linkage of titles on mq, docs mu nwwily imply direct connections. 




Fin aiiciai Times Monday June 22 1087 


15 


w 


icn 


ma 


lies 


DIARY DATES 


COMPANY MEETINGS— 

« Murp ttSs ILOO 


Hettm, "ecT, 2 jo 

fESTwcT SjJ**"'* "— «• 


Finance 


i I n ,to tu ' sa ' 

i ,m, *~ 7 °- FliwOunr Pavement. EC. 

i24jO 

T SSb""* 12 J .®" M “" n,a **— 
v ^vTr ?? * q " rtt " Tr “* t ’ ,18 ' PUxadll, y- 

BOARD MEETINGS 


The following Is a record of the principal business and 
financial engagements during the week. The board meetings are 
mainly for the purpose of considering dividends and official 
indications are not always available whether dividends concerned 
are interims or finals. The sub-divisions shown below are based 
mainly on last year's timetable. 


Dorian* lutmutlonaJ 

Cropper uamcu 
Drummond 

extern ud Atmty 
Oceana Dnvpt. lot. Tit. 

Opcpoictrlca (NJAJ 
Schroder Money Fundi 

votax 

Whltccrofe 

Wvmfluun 

•otaffmai 

Burm-Andanon 

DIVIDEND & INTEREST PAYMENTS— 
“KSvIt"" SUt> Flto R * w N “ 1985-89 
B pf C 3.|?5p P, 3,2S| ’ - 7 ‘*B e Pl 3.7SP. 7*4t>c 

"Sziio? 1 * B * nl ‘ ° n FltB *«* •*» 1^97 

J0i*lr» (John) Mean 1 jp 

Tomklnsons Ze 

wort Id Store** 2JSp 

WeHx^Faroo Fltg Rale Sub Nu 2000 

TOMORROW 
COMPANY MEETINGS— 

5555:«iSfSrS!e flSk Sb * n «- 

"JiS^.■S 0 SSie B1 s W < ; ta 1 ^S D ' , SL 

&££■. £C t ‘Tz.OD lnV - ?6> Fir&bor 7 
First Cniriott* Anew Tnm, Ons a». 

{•jrair. Oorstidfter Hotel, W, 12.00 

Ptotadi SFW'Tz.oo Dcyo * ar,rt ' «»«*■ 


Rondman rWilier), 52, leadennall Street. 
EC. 1200 

Sovereign Oil. B7. Bartholomew CMC EC. 
10-00 

Trimoco Finance. Great Eastern Hotel. 

Liverpool St reet. EC. 12.00 

* Hotel. 


Strand. WC. 12-00 


Trade fairs and exhibitions: UK 


Curent 

Property Management & Archi- 
tects Exhibitions (01-749 9336) 
(until June 24) 

Kensington Exhibition Centre 
Jane 23-25 
Current 

Software Engineering Tools Ex- 
hibition and Conference (01-368 
4466) (until June 251 Wembley 
June 27-28 

Craft Fair (01-940 4608) 

Sandown- Exhibition Centre, 
Esher 

June aOJnly 2 

Electronic Publishing Exhibi- 
tion and Conference (01-368 
4466) Wembley 

July 3-6 

Money Show (0895 38431) 

Univ er s i ty of Leeds 

JWy ft® 

Royal Agricultural Show (0203 
565100) Kenilworth 


Overseas 


Current 

International Foundry Exhibi- 
tion (021-455 9600) (until 

June 26) Brno 

Current 

International Wine, Spirits and 
Equipment Exhibition (01-226 
5566) (until June 26) Bordeaux 

Jane 30-JuIy 3 

Electronics Industry Exhibition 
(02403 29406) Hong Kong 

July 16-20 

International Integration of 
Western and Chinese Medical 


Technology and Pharmacology 
Exhibition (01-486 1951) 

Shang hai 

July 23-25 

British Products and Services 
Fair (0206 240668) Amram 

July 2437 

Electronic Products Exhibition 
— INTERNEPCON 01-940 
3777) gnala Lumpur 

August 21-27 

International Jewellery and 
Watches Exhibition — JEWEL- 
FAIR (01-464 4129) Singapore 


Business and Management Conferences 


June 2223 

Financial Times: World gold 
conference (01-621 1335) 

Venice 

June 23-24 

Institute for International 
Research: Pricing, Hedging and 
Trading Options on Interest 
Sates <01-434 1017) 

Moorgate Place, EC2 

June 23 

Agriculture EDC/TVS: Direc- 
tions for change— land use in the 
1990s (0622 691111) Southampton 
University 

June 24-25 

ESC: Commercial Exploitation 
and Protection of Computer 
Software (0536 204224) ^ _ 

Churchill Hotel, W1 
June 29 , „ . 

The Strategic Planning Society: 
Recent research results — the 
competitiveness of British Multi- 
nationals (01-235 0246) ^ 

15 Belgrave Square, 5W1 
June 30-Jnly 1 

Watt Committee on Energy: 
Rational use of energy (01-379 
6875) Herfot Watt University 
Edinburgh 

July 2-3 

Financial Times Conferences: 
Oil and gas reappraised (01-621 
1355) Hotel Inter-Continental, W1 
July 6 

London Chamber of Commerce: 
Turkey In pre-election year 
(01-248 4444) _ ^ 

69, Cannon Street, EC4 

July 7-12 


International Energy Forum 
(040 35 69 24 40) Hamburg 
July 84) 

Institute' for International Re- 
search: Issuing, Trading and 
Investing in Equity Warrants 
and Convertibles (01-434 0301) 
Cafe Royal, W1 

July 7-9 

City Financial: Insurance infor- 
mation exchanges — UK-general 
markets (01-242 5275) 

Connaught Booms, WC2 

July 7-8 

Financial Times Conferences: 
Telecommunications and the 
European Business Market: the 
perspectives for change (01-621 
1355) Hotel InterContinental, W1 
July 13-14 

Spectra: How can retail 

management use data collected 
from sales points — to make 
their businesses grow? (0734 
794161) Partman Hotel, W1 
July 15-17 

National Association of Futures 
Trading Advisors: Managed 
money— a global perspective 
(Illinois (312) 644-6610) 

Ritz Carlton Hotel, Chicago 
July 28-30 

Microwave Association: Edu- 
cating the educators (01-229 
S225) Royal Holloway and 

Bedford College, Egham 
August 20-12 

Frost and Sullivan: Managing 
the data centre as a business 
(01-730 3438) London 


Anyone wishing to attend any of the above events is advised 
to telephone the organisers to ensure that there has been no 
change in the details published, 



Supplying The Heallh Sendee 

Wednesday 22 July 

The National Health Service spends £3-5 bJffion pta on 
equipment and services. Companies interested in winning 
some of this business should attend. 

Government & EC Support 
For Ibtff Business 

Vfednesday SJuly 1987 
Other July Conferences: 

Equal Pay Ear Work Of Equal \bhie, ftiday 3rd. 
Counterfeiting, Thursday 9th. 

Inventory Management; Ftiday 10th. 

Corporate Survival — Trends In 
Terrorism & Crime, Tuesday 14th. 

Being The Future - The Personal lmpHcationsOf 
New Technology, \Sfcdnesday 15th. 

Integration Rar Profit, Thursday 16th. 

Nudear Energy — The Good News Fbr 
British Industry Friday 17th. 

Control Of Substances HazaxdousTb Health, Monday 20th. 
Overhead Deployment Bar 
Competitive Advantage, Thursday 23n± 

GBIConfereoces,Cei«reI\rint,Loiukm,WCL 

Rjr reservations call the Conference Department 
on 01-379 7400. 


Wfl>. Sam 

BOARD MECTTK 
Ftahj 
Brookmomt 
Brown and Jaefci o n 
Dana* Invrt. TO. 

Dwelt 
GEI intnl. 

Maintain Halifax 
Racal Electronics 
Trimoco 
Inter im s 

Electronic Data Proeecjlag 
Hainan ger Props. 

DIVIDEND & INTEREST PAYMENTS — 
Aral la US Fits Rato Nts ’MB £112.11 
Banco Eiplr Same E Com Dc Lltaoa Flio 
Rate Nts 199a 5334.93 

City o! Oxford luv Tst l.lbp 

National & Provincial B5 Fltg Rug Nts 
_ 1 Wo £1 22-88 

Nflrwn* r* I Rank Ffta Ran Nts 

S ^99O n £25 , GB FInanC0 Flta Ntl 

ScottiM National Tit 1.9p. SpcPf 2.1 p 

WEDNESDAY JUNE 24 
COMPANY MEETINGS— 

BIsIcJU Tin. 30-32. Ludgate Hill. EC. 12.00 


Bnwnatar. White Horae Hotel. The 
buve. Romvcv. 11 JO 
BrttisB S Commonwealth. 14-20. St Mary 
AML EC. 12- DD 

Channel Tunnel Urn.. 1. L we Lane. EC. 

Ha^?Que^nswav. 76. High Strew. 
Orpington. Kant. 10.00 

11. Chandos Street W. 

Plume Hide*., *5. Piccadilly. W. 11.00 
Securities Trust ol Scotland. 29. Cbanotte 
Saturn. Edinburgh. 12.30 
S S2SrfJS rr ??.*!£. Ro4<J - A«>»rl*Y Bring*. 

BnUnOra, iD.DO 

WalHw a-O.I. Leicester Moat House. 
Winston Road, Leicester, 12 JO 

BOARD MEETINGS— 

Flub 
Booth Inds. 

Bulgln (A. FJ 
Cable and Wireless 
Charter Co usd. 

Chelsea Man 
ERF 

Kewlll Systems 
Leigh Interests 
M.K. Electric 


July 10-19 

World Wine Fair (01-729 0677) 
Bristol 

July 14-15 

Electronic Design Automation 
Show (01-242 3621) Wembley 
Conference Centre 

July 17-18 

Cash and Carry Fashion Fair 
(01-727 1929) Kensington 

Town HaH 

July 1943 

Gift Trade Fair (0282 867153) 
Harrogate Exhibition Centre 
Jnjy 23-26 

Acorn Computer User Show (01- 
836 2441) Barbican Centre 
July 28-August 2 
British Music Fair (01-383 1200) 
Olympia 

August 2-5 

BFM Furniture Show (01-724 
0651) G-Mex Centre, Manchester 


Anglia Tdnhlw 
Hardy* and Hanson 

DIVIDEND A INTEREST PAYMENTS— 

English .National In* PM S-TSg. PM Up 
First Charlotte Assets Trust o.OSp 
Crura Industrial Alfa S2S5 56 
*^r, Exctunga Bank Fits Rate NtS 1993 

Mecreralinn Water Kent water Works 
Spcpb TUSpc 

Peadey Proeertv GlwxlstMtgDh 19*3-88 
Kingdom Fltg Rate NM 19961 

31 5B» ■ 3 

THURSDAY JUNE 23 
COMPANY MEETINGS — 

BSGIntl. National Mot or cycle Musacna. 
Comtrv Road, BiskenhiiL SoUhuU, 

OwicHm^atorace). 12. CamoUle Sums. 

Ej5*,lyrai» Pulp Mills. Johnson Hon*. 

WdHngtan Road. Wokingham. 12.00 
F B Grou p. 9. Uttie Trinity Lane. EC 12.00 

*^C ltf i2.0l} NallOna1, 35, tcmbao1 Stre * t - 
3 - l,b “ Rm4 

Pauls. Key Street. hKWtcti. Suffolk. 10J» 
Snigera PhouoraoMa. scrattialion Hotel, 
Mag lev Road. Birmingham. ID. 30 
Smaller COmranlcs Int Trust. 4. Merrill* 
Crescent. Edinburgh. 12.15 
T ?Tjo QuMnl RHd ' LooshbortMoh. 


Yule Cano. Great Eastern Haul. Liver- 
pool street. EC iz.00 

BOARD MEETINGS — 
rfxaHr 

Anchor Intnl. Fund 
Ann 1 1 Group 
bpb leds. 

BTP 

Bum done InrStS, 

C. H. Inds. 

Greycoat 
Lstnam (James) 

Parkdala 
Rothmans Intnl. 

Stead and Simpson 
Wool tons Buttery, ar* 

Mtrlrui 
BetZ Bros. 

Maeartliv 

Raeburn 1 nv*t. Tst. 

Scontronlc 

St in leu Mwalerafe 

TSO 

Trasthousa Forte 

DIVIDEND A INTEREST PAYMENTS — 
Bailey (Ban) CoMtruetlon OAp 
Barer DM 1 D 

Barry PaclK (Sterflra) Fund 10. 2o 
Hercules tacts 

scomth Mortgage & Trust 6 Su 

FRIDAY JUNE 26 
COMPANY MEETINGS — 

Aberdeen Construction, Station Hotel. 
Aberdeen. 12.00 

Bliton (Percy). Bltan House. Uabridge 
Road. Ealing. W. 12.00 
Chllllngton, Sadlers Hail. Gutter Lane. 

Cneapsldn EC. 12-00 
Edinburgh In* TrraL Caledonian Hotel. 

Prlnas Street Edinbaigli. 12-00 
Gee (Cedi). Connaught Rooms, Great 
Qoeon Street . WC, 12.00 

Gorett Oriental Inv T3t 77. London WsIL 
EC, to AS 

Helene o^Lo^an. Ramada Hotel. Bern er s 

SAULetian ‘(P and W). White Hart Hotel. 
Ballgate Lincoln. 12-00 . 
r.EA. HUgs. 29. Martin Lane. EC 10.30 
Tesca. 30. Tbreadneedl* 5tr«*. EC. 2.30 
Wwerio* Cameron, 23. Blair Street. 
Edinburgh. 12.00 


BOARD MEETINGS— 

RnskSv 

Electric and General Inyrt. 
Maretra Thompson and Cwibed 


oecw locta 

.‘cS^nTj.ISp 
sex Water 4.9pc 2A5o 


Bermuda Intnl. Bond Fuad 

DIVIDEND A INTEREST PAYMENTS — 
American Cvanamld W.Wt 
Black * Decker lOca 

Garrard I 

Investors 

Mid-Sussex Water 4 .Me 2 
Miller A Xanthous® 0.7SP. 

Reed DecontUre products 4ocDb 2sc _ 
South Staffordshire Water 4 -Oik A 2-45 p. 

8 2.450. C 2.400. 2S»C 1.7 GB 
TNT AS0.04 
Waved ey Cameron IJSs 

SUNDAY JUNE ZB 
DIVIDEND A INTEREST PAYMENTS — 
GKN (United Kingdom) EocGMDb 19B4- 
1989 3IK. 6liDCOb 1984-BB 3L,oc. 
IC-ipcDb 5*i jx. gtiocDb 1991-96 4V0C. 
10i»cDb 1990-95 SUoc. fiUDCOfa 1984- 
19B9 31***. 7VpcDb 19B6-B1 S’SBC. 
GKN 6>*DcIo 1948-93 SttfC 


APPOINTMENTS 


London subsidiary for Wates built homes 


WATES BUILT HOMES baa 
formed a wholly-owned sub- 
sidiary, Wates Built Homes 
(London). Mr Bill Galr, manag- 
ing director of Wates Built 
Homes, bas been appointed 
chairman, Mr Bill Bromwich is 
managing director and Miss 
Carolyn McQuItty is sales 
director. 

*• 

Mr Ronnie Blair has reti red a s 
managing director of ABITIBI- 
PRICE SALES. He will remain 
on the board as vice-chairman. 
He will be succeeded as manag- 
ing director by Mr Charles 
Harvey and Hr Paul Planet 
joins the company as sales 
director, 

* 

The ALUMINIUM WINDOW 
ASSOCIATION has elected Mr 
Alan FUzJohn, managing direc- 
tor of Ba coglaze Systems, part 
of British Alcan Aluminium, as 
vice president. He will assume 
the presidency in June 1988. The 
appointment, which is the first 
from outside a window-making 
company, reflects the growing 
strength and importance of 
aluminium window systems in 
the marketplace, says the asso- 
ciation. 

* 

Hr Peter Felton has been 
appointed chairman of WILLIAM 
M. MERCER FRASER, actuarial 
and employee benefit consul- 
tants. He succeeds Sir Peter 
Coster who will become presi- 
dent of William M. Mercer. Mr 
Felton was deputy chairman, and 
his promotion is from July L 

★ 

Mr Tim Sanders has been 
appointed director and London 
and SE regional manager of 
career and human resource 
management consultants, CHU- 
SID LANDER. He was with 
The Equitable Life Assurance 


Society and before that was with 
Hogg Robinson Group after 
transferring from The London 
Life Association. Before that he 
was director of manpower policy 
and planning with the Royal 
Marines, with whoa he served 
23 years. ^ 

Mr Joseph Knowles has been 
appointed managing director of 
CLARK KINCAID, engine build- 
ing subsidiary of British Shop- 
bnliders. He was deputy manag- 
ing director, and succeeds Hr 
Bill Scott who has been 
appointed managing director of 
North East Shipbuilders, the 
largest shipbuilding subsidiary 
of British Shipbuilders. 

* 

Mr Jim Norton has recently 
been appointed principal con- 
sultant with BUTLER COX AND 
PARTNERS. He joins from 
British Telecom (BT) Inter- 
national where he was senior 
manager-business development 
projects, responsible for activi- 
ties in the US, Japan and Europe. 
★ 

Mr Nicholas Stanley has been 
appointed deputy chairman of 
AIR CALL (HOLDINGS). Son of 
the late John Stanley, Air Call's 
founder, he joins from Corney 
and Barrow, where he was 
managing director. Mr Stanley 
wQl be assuming specific 
responsibilities in the company’s 
medical business. Air Call 
Medical Services. 

★ 

Hr Peter Gardner, sales and 
marketing director of D. A. 
Thomas Holdings and director 
of sister company Hewi (UK), 
has been elected preside nt of the 
GUILD OF ARCHITECTURAL 
IRONMONGERS. 

* 

R. E. BARKER & CO., 
Featherstone, West Yorkshire, 


manufacturer of haulage rope 
pulleys and frames for the 
mining Industry, has appointed 
Mr Alan Medley as general 
manager. He replaces Mr Stan 
Fisher, who has retired. 

* 

Mr Maurice Doran, formerly 
marketing director, has been 
appointed wunaging director of 
PHOTO-SCAN. He succeeds Mr 
Peter Goddard, the company’s 
founder, who will retain his 
association with Photo-Scan as 
non-executive vice chairman. 

* 

Mr P. L Donovan has been 
elected president of the 
NATIONAL ASSOCIATION OF 
BRITISH AND IRISH 
MILLERS. He Lb chairman and 
managing director of Allied 
Mills, and chairman of the 
Mardorf Peach Group. 

★ 

Hr Simon Daniels has been 
appointed managing director of 
J. LONG & SONS (BATH) a 
member of the J. M. Jones Con- 
struction Group. He joined the 
group in 1986 after eight years 
with John Laing Construction. 
★ 

Rendels, a member of the 
HIGH-POINT RENDEL GROUP, 
has appointed Mr Peter Clark 
as director responsible for the 
business development unit. Mr 
Terry Mulrey, managing 
director of Transport Planning 
Associates, becomes a director 
of Rendels. Mr Tom Walsh, 
managing director of KPT (War- 
rington) Is made an assistant 
managing director of Rendel 
Palmer & Trltton with responsi- 
bility for co-ordination of UK 
regional offices. Mr Brace 
Claxton, director, RPT and sec- 
retary of Rendels, in addition 
to his current duties, will 
assume responsibility for the 
control of contract services. Mr 


Philip Harris is promoted to 
senior assistant director of RPT 
with responsibility tor develop- 
ment of business in the property 
sector. 

★ 

Mr Rick McCann has been 
made director and general 
manager of FRAZER-NASH 
SCIENTIFIC. He was operations 
and technical director. Mr Simon 
Bailey becomes sales and 
marketing director. 

*■ 

Mr Douglas Young bas been 
appointed financial director of 
JARDINE THOMPSON 

GRAHAM. Mr David Martin 
becomes a director, and manag- 
ing director of the international 
department of the non-marine 
division. Mr Jeremy Monroe also 
becomes a director, and manag- 
ing director of the North 
American department of the 
non-marine division. 

★ 

Sir John Gollyear has been 
elected president of MIRA in 
succession to Prince Michael of 
Kent. Sir John was chairman of 
AE. He is chairman of the 
Department of Trade and 
Industry technology require- 
ments board, chairman of United 
Machinery Group, director of 
Hollis, director of MK Electric 
Group and soon to be chairman 
of Fulmer Research Institute. 

★ 

Hr Roger Bolter bas been 
appointed finance director of 
WESTENGHOUSE BRAKES 
from July L 

★ 

Mr Clive Hanover, Mr Alan 
Henson and Mr Brian Wootton 
have been appointed directors of 
mu. SAMUEL INVESTMENT 
MANAGEMENT. Mr Howard 
Maguire has been appointed a 
director of Hill Samuel Pensions 
Investment Management. 


□ 


□ 


the secret 



a computer 

company 


1986-87 



APRIL MOMENTUM tOOOO LAUNCH 

TVtre*»anantlireiri»rifpnigrfiuehnnAedcnaaiiiers 

at (be Mermaid Theatre, ITL hunches its new high, 
performance fiuJt-toieaancsupcrTniniconipuEc 

MrtY GOVERNMENT ORDERS MOMENTUM 
FOR CIVIL SERVICE ELECTRONIC 
MAIL SERVICE 

nLMamcamm with ITLX-400 Electronic mail 
software is selected by the Gov ernment Central 


Computer and Telecomm 


nnranarK 


Agency to 


an niter 
system &r Government 



TUNE PELIVERYOF SOOTH NPS TO 1CL 
After many years supplying network processing 



mainframes with a powerful front-end 

communication processor; KX take delivery of 
Aeir SOQdi syste m from m. 

RJEy DHSS LOCAL QFH(^ CHOOSE 
MOMENTUM 

ILL Momenrnmctm^nners are chosen to equipall 
file-hundred social secunry offices providing! 
/w nwiTmirari/in link hera gfl i d ie office tenmmls 
anA nwinfaiiwt akDHSS computer mm e s - 
TT ^prtnug nnMBnactBffiirtfaspioiectBB ri ddl 
T Mre-p qi ro iihiBlinmllLcolhbtwittedmdie 




^ \ SEPTEMBER MIDLAND MONTAGU 

3qh J nanrascAWi estream 

The Midland Montagu's new HQ Exuldmg in 
HUng Kite requites a flodMec omniun ic ari ofa 
system for the dealing room. iTLCablestrcam 
is selected ft* itsvemdBty and cost dfrctiveness. 

\ OCTOBER CTTYMARKF T MACTRS OD 
LIVE WITH MOMENTUM 

October 27, Tiig Bang' day when die finanrial 
services industrywas deregulated urmnlarfng die 
-widespread introduction of technology to provide 
a competitive advantage and superior dtenrservice. 
ITL Momentum with NMW/Tunon software 



n m i y in ,iii u y g r r m . 

v Nntn-MBPR HPrroiL c artestream 

NETWORK GQESUVE 

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HEBRUARY HEME EXPANDS USE OF 
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Information 

lechnology 

pic 


HEmNGPEOH^TO MANAGE INFORMATION 


□ 


□ 


i 


v 



Financial Times Monday Jane 22 X9S7 


THE MONDAY PAGE 



When words from the heart won’t do 


JOHNIX0YD 


D URING the election, a 
senior labour politi- 
cian was listening to 
the Prime Minister’s cele- 
brated remark that she 
wanted a doctor of her choice 
at a time and plaee of her 
choosing. Be thonght, as did 
much of the media, that this 
would do her harm, perhaps 
even she had committed 
the fabled snpergaffe which. 


picking np speed as it travels 
through studios and word pro- 
cessors, boomerangs back on 
its creator to hit her smack 
between the eyes. He rejoiced. 

The remark appeared to 
cause not a blip In the polls. 
The senior Labour politician 
reflected: and he thonght 
something like this. That Mrs 
Thatcher was speaking from 
the gut. That she was saying 
what she wanted without 
putting it through the sieve 
of politico speak, and was 
voicing a desire shared by an, 
even if it could be afforded 
only by the few. That she 
spoke into a political atmos- 
phere (which she had helped 
to create) in which the frank 
assertion of “ I want ” was no 
electoral handicap. That his 
party too had to find some 
way to speak with the same 
careless rapture. 

Push the thought further. 
How does a Labour or 
Alliance leader speak from 
the gut in a way which will 
match the simplicity and 
sincerity of the Prime 


Minister? Naturally, arguing 
for a return to tri-paxtism 
does not provoke an internal 
shout of assent; But nor do 
the more palpably emotional 
issues, like health, education 
and unemployment. For In 
such issues (where both 
Labour and the Alliance 
found themselves to be 
w strong ”) the posture of the 
politician is usually that of 
the bourgeois seeking to per- 
suade people to care for the 
saeglesfce-f. He does not speak 
from the gut, but from the 
heart — and increasingly a 
heart which beats to the wHd 
rhythms of the party’s pri- 
vate polling. That is not to 
say Opposition politicians 
lack idealism — idealism is at 
least a component in propel- 
ling most men and women 
into politics and keeping 
than there. The problem in 
this instance is that the 
idealism is contrived. It does 
not say “I want” for it 
believes that “ I want " must 
wait upon “You should.” 

It is here where the news 


flashes of Mrs Edna Healey’s 
private operation and Mr 
Bryan Gould’s swimming pool 
flare so brightly. Of course 
these stories are “unfair": 
but most people of average 
or less- thin-average means, 
looking at comfortable 
padded and paid politicians, 
have at least a latent feeling 
that here is a man doing well 
for himself. There Is thus 
bound to be a certain unease 
that these people protest too 
much. Put crudely: if large 
numbers of the working class 
no longer want socialism, 
what’s in it for the middle 
classes? 


The psychologist William 
James developed a two-fold 
classification for people: the 
“ once bom " and the “ twice 
bom.” The once boro are 
people broadly comfortable 
with the world. In whose souls 
no constant battles rage. The 
twice bom are those for 
whom all life is a battle: who 
are never comfortable but 
who feel that this state is 
transient. 


Taking James’s insight fur- 
ther than he meant it— we 
might see the election as a 
battle between the once and 
twice boro. The once- born 
Thatcherites see (or say they 
see) the world as capable of 
simple remedy: the applica- 
tion of the market, which 
can be equated with every- 
one’s desire for freedom: the 
“I want” that moves moun- 
tains, and kills socialism. The 
twice bom are more complex 
people, or people who say 
they think things are much 
more complex: they eall for 
a sacrifice from some, even 
most, to assist a minority: 
they speak to consciences. 

These twice bom are 
grossly over-represented in 
the ranks of dons and clerics 
—one reason for their aliena- 
tion from Thatcherism. The 
Scots, too, constitute a sul- 
len opposition: but they are 
a race with great strata of 
discomfort running through 
them, whose residual Cal- 
vinism forbids a simple re- 
sponse to anything. 


The twice born are right 
that matters are not that 
simple and that there is no 
c jjpgl p key which needs to be 
turned but once. But they 
have not been able- to stop 
the once hem politicians 
appealing . to the once born 
masses. Nor have they 
gained much affection for 
their role in warning of the 
perils of greed. 

Perhaps it is right that 
they have not. For though it 
is perfectly clear that society 
is becoming steadily more 
socially polarised, it is 
neither politically wise to 
proclaim nor indisputable, 
that this is because there is a 
huge tide of greed coursing 
through the veins of the Cls 
and C2s. That always seemed 
like upper class condescen- 
sion, and there is some evi- 
dence to that effect. 

Figures collected by the 
Charities’ Aid Foundation 
show that charitable giving 
In the UK has increased from 
an annual level of £7J2bn in 
in 1931, to around £10hn in 


the mid 1980s. A survey 
which the foundation plans 
to publish In September will 
show the present level at 
some £12 bn annually. 

In the voluntary sector, 
both the National Council 
for Voluntary Organisations 
and the Volunteer Centre 
report that both the number 
and scope of voluntary 
agencies are growing 
strongly. More interesting 
still, according to the 
Volunteer Centre, growth has 
not been confined to the 
traditional “do • gooding" 
areas of charitable works: 
ranch more centres round 
activities initiated, typically, 
by grenp8 of women who 
have been galvanised Into 
helping themselves and 
others by — for example — 
crime, or drug-taking among 
their children, or the inepti- 
tude of their local councils. 


If it is the case that the 
trend lines for charitable 
giving and doing are rising at 
the same time as those for 


shares and house-owning, this 
may provide the desparing 
senior Labour politician with 
something to work on. Part of 
the “realignment” of the 
apposition parties over the 
next period will include. I 
judge, their giving a much 
more central role than in the 
past to Just such voluntary 
activity — and explicitly 
advancing this as a partially 
politically funded adjunct to 
some state activity. 

“Setting the people free” 

not just to help themselves 

but to assist others could un- 
lock reservoirs of good 
Samaritanism. And the aug- 
mentation of state-provided 
welfare by a multitude of 
endeavours which were per- 
sonal, tangible and on an 
individual human scale could 
allow any politician embrac- 
ing this “ wave of the future ” 
to speak from somewhere 
rattier closer to the gut than 
they could earlier this mouth. 
Doing good to whom I choose 
in a place I choose at a time 
I choose is not exactly 
Florence Nightingale, but is 
perhaps as much as most 
human flesh will yield and it 
also seems that more and 
more people are choosing to 
do just that. 


INTERVIEW 


At home on the 


Sloan range 


Anatole Kaletsky talks to Roger Smith, chairman of General Motors 

W wvar Mr Pnwr this carefully crafted pyramid, “decentralised operations and world’s next biggest mot 

^vefat wort irMLbe to ensure -Centra- reaponaibumas" of toe tone- manufacture. 

-^£2.! Sjy.ii™ Used ouerationa and resound- Honoured GM way. However, in the vest ye 


W HEN Mr Roger Smith 
arrives at work in the 
cathedral-like art-deco 
General Motors Centre which 
rises surrealistically out of the 
largely empty wastelands of 
central Detroit, he is, in one 
sense, master of everything he 
sees. 

No city in the world is more 
dominated by one industry than 
Detroit Not many industries 
are dominated by one company 
as the US car business is by 
GM. And few giant companies 
are dominated by a formalised 
management system in the way 
that GM still seems to be by the 
hierarchical committee struc- 
ture created 50 years ago by 
Alfred P. Sloan. 

Mr Smith sits at the apex of 


this carefully crafted pyramid, 
designed to ensure “ decentra- 
lised operations and responsi- 
bilities, with central coordina- 
ting control.” Despite the 
unprecedented bureaucratic 
reorganisations which Mr Smith 
has initiated since becoming 
chairman in 1981, it is appar- 
ent that the Sloan mantle weighs 
heavily on his shoulders. 

Indeed, if there is one thing 
that comes out more clearly 
than Mr Smith’s determination 
to shake up GM, It is his pride 
in GM as it is. And if there 
is one thing stronger than his 
desire to make his marie by 
redirecting his colossal empire 
from the chairman's office on 
the fourteenth floor, it is his 
profound respect for the 


“decentralised operations and 
responsibilities" of the time- 
honoured GM way. 

Perhaps these contradictions 
explain why Mr Smith appears 
to be strangely impotent and 
isolated. Beneath him lies not 
only the world’s largest com- 
pany, but probably the greatest 
non-governmental bureaucracy 
of any kind. Gif’s annual turn- 
over of $104bn (£62.6bn) in 
1986 was bigger than the gross 
national product of Switzerland 
or Sweden. Its 876,000 
employees outnumber by nearly 
two to one the 485,000 workers 
at Sears Roebuck, America’s 
next largest employer. The 
8.6m cars and trucks GM builds 
annually worldwide dwarf the 
5£m produced by Ford and the 
8.7m made by Toyota — the 


This notice is issued in compliance with the requirements 
of the Council of The Stock Exchange 


PETRANOL Pic 

(Registered in England No. 1568950) 


In the course of changing its name to 


CONCORDE ENERGY PLC 


world’s next biggest motor 
manufacture. 

However, in the past year 
another superlative has been 
added to GMs list: it has 
become one of the most 
criticised companies in the 
world. GUI’s car sales have been 
shrinking. Its shareholders 
have been complaining about 
misconceived acquisitions and 
a gargantuan appetite for seem- 
ingly unproductive high-tech 
investment Finally this spring 
came the ultimate humiliation 
— a resurgent Ford announcing 
higher profits than GM for the 
first time since 1924. 

Asked to look back over his 
performance as chairman, Mr 
Smith admits to no regrets of 
any kind — about the $40bn GM 
has spent since 1981 to 
modernise its plant with little 
pay-off apparent so far: about 
the controversial purchases of 
the software consultancy. Elec- 
tronic Data Systems (EDS), and 
Hughes Aircraft, which Mr 
Smith personally master- 
minded; or even about the 
notorious $700m buy-out which 
GM’s board agreed on last 
December to silence its most 
vocal critic, the mercurial 
founder of EDS, Mr Ross Perot 

There is just one mistake Mr 
Smith can think of. “ We went 
too far in small cars. We made 
some of our larger cars too 
small— HI accept that,” he says. 
By "downsizing” its luxury 
Cadillac models, GM underesti- 
mated the conservatism of its 
traditional customers and lost 
a large and very profitable 
segment of its sales to Ford's 
Lincoln division. 

When pressed for other 
errors, Mr Smith deflects the 
discussion to government. “ In 
the 1970s, when the US car in- 
dustry should have been doing 
some of the things we're doing 
now— investing, retooling, im- 



4- 

l *. « * • : <\ 




Roger Taylor 


proving quality — we were 
saddled with ever-changing 
regulations. The Government 
heaped on regulation after re- 
gulation, without regard to costs 
or benefits,” he says. 

Pressed again, the GM chair- 
man is aroused to passion: 
“Where is GM today? We’re 
number one in the world- 
right? We account for one in 
every five cars produced world- 
wide — right? Now where is 
America’s TV industry? Where 
is the steel industry? I don’t 
think GM has done too badly.” 

In a sense Mr Smith is right. 
If there is one thing that has 
distinguished Gifs strategy in 
the last five years it has been 
its determination to stand its 
ground against the Japanese 
onslaught on tbe market. Ford 
and Chrysler have turned In far 
more impressive profits re- 


cently, but partly at the ex- 
pense of lost market share and 
more reliance than GM on out- 
side component sources. 

At the beginning of this year, 
however, this strategy appeared 
to change. As shareholder 
pressure mounted against the 
costs of defending GM’s market 
share, Mr Smith decided to 
accelerate plant closures. He 
made clear to analysts that 
return on capital would be his 
dominant objective— even if 
this meant losing market share. 
To rub it in, GM announced its 
gargantuan investment pro- 
gramme was essentially com- 
plete and promised to spend a 
high proportion of its cash flow 
on buying back its own stock. 
Instead of building new fac- 
tories or acquiring companies 
like EDS and Hughes. 

Mr Smith insists, of course, 


that the apparent change in 
strategy was no change at alL 
The $40bn GM spent on building 
six new plants and modernising 
11 old ones— probably the big- 
gest single manufacturing in- 
vestment programme ever 
undertaken in peacetime — had 
been seen from the start as a 
crash effort to be followed by a 
period of lower investment 
when GM shareholders would 
reap their reward. The plants 
being closed were always due 
for retirement as new facilities 
came onstream 

While he admits that the 
company’s market-share goal 
has been reduced to 40 per cent, 
from the 45 per cent typical 
until last year, he says this is 
only a “ near term ” assessment 
The longer-term market share 
will depend on GM’s new 
models. These, he believes, will 
be among the best cars in the 
world and he is sure they will 
be the most efficiently produced 
and lowest-cost vehicles of their 
class . 

Indeed, the much-criticised 
mechanisation programme has 
started yielding results, accord- 
ing to Mr Smith. 

In the latest new generation 
plants in Delaware and New 
Jersey, automation is producing 
cars that are “ world class com- 
petitive on cost— and in GM 
that means number one in the 
world,” Mr Smith claims. Only 
about a third of the gain in 
cost competitiveness with Japan 
has been due to the falling 
dollar. 

To media, accounts of robots 
at GM’s earliest high-tech plants 
spraying each other instead of 
Cadillacs, Mr Smith’s reply is 
curt: “I know we had our 
difficulties.” 

The learning curve had been 
much longer than expected. 
“GM has still more plans for 
mechanisation and automation 
and they will be carried out,” 
he adds defiantly. 

Mr Smith is equally dismis- 
sive of claims that improved 
management alone could have 
produced even more spectacular 
productivity gains than GM’s 
costly automation. While he 
admits that GM’s joint venture 
with Toyota in Fremont, Cali- 
fornia, has been producing the 
lowest cost cars in the GM 
system without the benefit of 
any new investment, he is un- 
impressed by this. 

“ Fremont is a very simplistic 
plant They work on a handcart 
inventory there— a guy actually 
runs round on a bicycle picking 
things up," he says with distaia 

Clearly technology captures 
his imagination more readily 
than such simple solutions. 


Personal File 


1925 Born Columbus, Ohio 
1949 MBA degree of Michigan 
University; joined GM financial 
staff 

1971 GM treasurer 
1973 In charge of all non- 
automotive and defence opera- 
tions 

1981 Appointed chairman 


year ago for $2.5bn. EDS was 
“ tremendous in very large- 
scale integration.” The skills 
it now has in computer inte- 
grated manufacturing are 
something that eventually 
“ every large US manufacturing 
company will need. ” 

But EDS, when it was bought 
by GM, specialised in integrat- 
ing payroll and office systems. 
It had no experience in engin- 
eering automation. “ The skills 
were in GM” Mr Smith admits. 
Former GM computer special- 
ists, transfered to EDS, now 
form the core of its factory 
automation business. Why then 
did GM have to buy another 
company and then transfer its 
own engineers to it? 

“ The way we worked in GM, 
we had three identical compu- 
ters with three different teams 
in three divisions all working 
on these problems. With EDS 
we got it all put together in one 
Spot. If we hadn’t got EDS we 
were prepared to buy a defunct 
college in Iowa to get that 
much co-operation between all 
the computer people.” 

It seems that simply knock- 
ing heads together does not al- 
ways work at GM— there are 
too xpany of Sloan's smoothly 
functioning impersonal com- 
mittees in the way. 


Introduction to 
The Stock Exchange 


Proposed 

Authorised 

£ 

7,500,000 


Share Capital 


Ordinary shares of 1 0p each 


Maximum 

Proposed 

Issued 

£ 

5,954,981 



Anomalies of a high office 


Application is being made to the Council of The Stock Exchange 
for all of the above ordinary shares of lOp each to be admitted 

to the Official List. 


JUSTINIAN 


Particulars of the shares are available in the Extel Statistical Service 

anrl pnnipc nf tho I ie+inn Portim,lar« m-n, u n J J : 


j — , — — — ■ — - ,,, u ib bAkci viouaui^ai do vioc 

and copies of the Listing Particulars may be obtained during 
normal business hours from the Company Announcements Office 
of The Stock Exchange on 23rd and 24th June, 1 987 and until 
1 0th July, 1 987 (Saturdays and public holidays excepted) from: 


Petranoi Pic, 
40 George Street, 
London W1H 5RE 


Baring Brothers & Co., Limited, 
8 Bishopsgate, 

London EC2N 4AE 


4AE 


Laurence Prust & Co. Limited, 
Basildon House, 

7—11 Moorgate, 
London EC2R 6AH 


22nd June, 1 987 


I T WAS a nervous Sir 
Michael Havers who took 
ttie oath on office as Lord 
Chancellor in the Royal Courts 
of Justice before the Lord 
Chief Justice and the serried 
ranks of senior judges, the 
new Attorney General and a 
sprinkling of silks and junior 
counsel at the bar. 

Sir Michael’s nerves were 
again apparent when sitting on 
the Woolsack in the House of 
Lords he was seen initially to 
wear the Lord Chancellor’s 
tricorn bat back to front. 
Nervousness has not been con- 
fined to the new occupant of 
this high office, for the legal 
profession has itself been ask- 
ing all last week, does this 
appointment indicate a change 
in the politico.legal aspects of 
contemporary Government? 

While Sir Michael has been 
a very popular figure within the 
legal profession nobody— least 
of all himself — would regard 
him as a legal luminary. His 
talents as Attorney General 
have been more in sound politi- 
cal judgment than in legal 
brilliance and he has shown 
political courage in the face 
of some public hostility towards 
his decisions and actions. 

His appointment to the 
j Woolsack is not only Just 
i reward for governmental ser- 


vice but also reflects the 
modern practice of Prime 
Ministers appointing Lord 
Chancellors on tbe exclusively 
political grounds. Since the 
Second World War the common 
pattern has been to appoint a 
lawyer who has been an MP, 
Solicitor-General or Attorney- 
General or even served as a 
Minister of the Crown. 

It was Robert Peel, who said 
that it was unlikely that the 
man chosen on political 
grounds to hold the Great Seal 
would not be of the highest 
standing end eminence In the 
profession. 

Some, birt not all of the post 
war Lord Chancellors could 
claim to qualify according to 
the Peel criteria. Lord Hall- 
sham, amply satisfied that 
criteria. He had been active in 
the Conservative party for over 
SO years, an MP from 1938 to 
1950 and from 1963-1970. In the 
interval he sat in the House 
of Lords as a Conservative peer 
and after 2956 held various 
offices in Government His elec- 
tion for the office of Lord 
Chancellor in 1970 and again 
since 1979 attracted the un- 
qualified confidence of both 
Bench and Bar although in the 
last year or so the relationship 
had become strained as pol- 
itical considerations appeared 
to dwarf the Lord Chancellors’ 
expected role as Protector of 
the Judiciary and the legal 
profession. 

Given this new found vulner- 
ability of judges and lawyers to 
the political climate of the day, 
the profession had hoped that 
Lord Hailsham's successor 
would continue to match the 
Peel model. In that way it was 
expected that the profession 


would he spared the colder 
winds of change blowing from 
Westminster and Whitehall. 

Paradoxically, however, the 
profession may find that the 
new Lord Chancellor will serve 
its Interests rather better than 
might have been predicted. 
Earlier this year, Lord Hailsham 
had issued a consultative paper 
Civil Justice Review, a docu- 
ment which sent shivers through 
the judiciary and most practic- 
ing lawyers. 

The main thrust of the review 
was a proposal to simplify the 
process of civil litigation by a 
merger of the County Court and 
the High Court into a single 
means of access to law. What- 
ever its intrinsic merits, the 
proposal was perceived as a 
takeover bid by the bureaucrats 
in the Lord Chancellors depart- 
ment from the judges and court 
administrators of the whole 
administration of civil justice. 

Incidental proposals to have 
some high court judges resident 
full time out of London and to 
lengthen the court room hours 
of sitting were taken as signs of 


a creeping bureaucratic mag- 
netism. Lord Hailsham had 
shown his keenness to round off 
his period of office with a 
reforming zeal — he has always 
advocated change where change 
is demonstrably demanded but 
not otherwise. He had hoped 
for another year or two in office 
to complete the task of legislat- 
ing his department’s proposals 
which have his own special 
imprimatur on them. 

. Sir Michael Havers has had 
little say in the production of 
the civil justice review and is 
certainly uncommitted. His 
leanings will be to placate the 
judges and lawyers by dropping 
the whole project although the 
clear need for substantial 
changes in civil litigation will 
call for some, perhaps less am- 
bitious scheme. 

Sir Micbael might feel more 
disposed to opt for tbe family 
court solution, leaving the two 
divisions of the High court — 
Chancery and Queens Bench — 
to amalgamate with sequential 
changes. The judges in the 
family division of the High 


Conrt — which includes Mrs 
Sutler Slow (Sir 
Michaels sister) are known to 
favour some more or less radi- 
cal reorganisation of the 
various jurisdictions dealing 
with family problems. 

In a Conservative administra- 
tion which is engaged in radi- 
cal Government, the legal pro- 
s'”™ . ma 7 fact welcome 
the Head of the Judiciary seek- 
ing to exercise judicial func- 
tions in the Appellate Commit- 
House of Lords a 
function which Lord Hailsham 
performed not infrequently as 
otbei - demands on his time ner- 
mitted. and instead defending 
In Cabinet and Executive 

^5 vi t al interests 
of the legal profession. 

If this is the trend the time 
may come very soon for the 
Government to reflect on the 

rS5iL 0f office of Lord 
Chancellor under a traditional 

theory of the separation of 
powers where in fact the Lord 
Chancellor combines the three 
functions of government— judi- 
cial, executive-and legislative. 


9 * 

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Hi 


Si 

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OH..ANP CANCEL MY SUBSCRIPTION TO GOURMET jNTBUtariaM 


S’ 


Indeed, a schoolboy excitement 
and awe come into his voice as 
be talks about the technological 
promise of his controversial 
$5bn acquisition of Hughes Air- 
craft Hughes is developing 
electronic collision avoidance' 
and display systems which wiir 
give GM significant competitive 
advantages in future genera; 
tions of car technology. 

Even more exciting is 
Project Trilby, a $100m 
research programme to 
“ systems integrate the auto. ” 
Systems integration has never 
been applied to the idea of 
driving a motor car, and “the 
human being is pretty lousy at 
doing that ” Now Hughes 
“ doesn't build a missile, it 
builds a system to down enemy 
aircraft ” So the synergies are 
pretty obvious to Mr Smith. 

As similar enthusiasm takes 
hold when Mr Smith refers to 
EDS, which GM bought three 





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If Mrs Thatcher was the 
President of France about to 
celebrate her third term of office 
she would at this moment be 
considering a grand, new public 
building to commemorate her 
triumph and to remind future 
generations of her taste, learn- 
ing and cultivated achievements. 
Indeed should Mrs Thatcher 
suddenly be transformed over- 
night into an English Mitterrand 
she would be immersed with her 
architects and designers night 
and day planning new Tntisai^c 
opera houses, centres of culture 
and science like some fevered 
Prince Albert. 

But this not the British way, 
and not by any stretch of the 
ima g in ation likely to be Mrs 
Thatcher’s way. Her Govern- 
ment has made it quite clear 
that it is not going to be sign- 
ing many cheques for the arts — 
the spirit of self help and 
private enterprise has to 
penetrate the soft underbelly 
of State subsidy — in the arts as 
everywhere else. 

Take the long running saga 
of the Royal Opera House, It 
struggles on nobly in the mid- 
19th century buildings designed 
for it by E. M. Barry, which 
are by any standards awkward, 
inadequate and in need of sub- 
stantial refurbishment The 
auditorium is, however, a 
wonderful place for music — the 
faded plush and gilding appro- 
riately redolent of galas and 
in substantial pageants. 

To match the facilities of the 
major European opera houses 
Covent Garden needs new side 


The climax on Saturday of pecularly Viennese composer, tically liberal (he could never 
one strand of the current responding as instinctively to have cohabited artistically or 
Almeida Festival also took the the poetic demands of a text politically with Cornelius Car- 


proposals is shown here. 


inerrana. brating the songs of Haims songs m which tonality is, if the 1960) s, intelligent, anti- 

It is worth emphasising that Eisler was relayed on Radio 3, not abandoned, at least put into authoritarian, widely-read, and 


The Covent Garden Commun- of the land given to the opera and the second half carried by abeyance. deeply in love with tradition, 

ity Association is a successful house some 61 per cent will be BBC 2. As well as signalling How far the programme went One couldn’t fail to respond 

activist group which did a lot developed for the theatre and the increasing importance of to convince the sceptics of to the Cinq chansons cryptiques 

(but by no means everything) public arcades and the remain- the Almeida as an annual plat- Eisler's significance In the to texts by Satie (on this occa- 

to secure the future of the in § 39 per cent for offices and form in London for 20th- history of 20th-century music I sion sung by the composer. 




Association is due soon to to be a reasonable one. offerings, both in its own right g*.,,— documentaries on’ the round), or to the tiny Tnns- 

attend a meeting with the opera The financial equation is a sod ** Jj“ example to the so- Almeida’s Viennese theme and /armotiore scenes tor Instra- 

house to be chair ed by Sir difficult one to balance because styled Third Viennese School ^ icTpr iq D articular o laced mental ensemble, taken from 

Claus Moser, when Its the benefits of commercial de- Scfawertsik and Gruber. around the concert relay The °P era which Schwertsig 
proposals will certainly be velopment weighed against the Schwertsik and Gruber pre- nerformances too were win- wrote for Stuttgart in 1982, Das 
looked at I would like to look costs of the opera house ira- sided over this survey, both as ninelv idomatic. with marvel- Uarchen von FanferUeschen 

at them in architectural terms, provements leaves a gap (at the conductors of the Die Reihe ln Z? y S0 j 0 0 | avim? from the Schonefusschen — delicious little 

They are unbelievably thin. A gloomiest estimate) of some and Almeida Ensembles and, members ofthe lointeosemble commentaries. deUcate, ebul 

careful comparison with the *23m- Clearly this could be in Grabert case, .as the even- g^oth the songs and the “ quis J tely ***& *** 

Intricate work of Jeremy Dixon met by personal and company mgs “ chansonmer.” Those filTWg beautifully played in this con- 

ta fartnSS iem took guarantees. It could also be already resistant to bis self- ™ Kuh£ certb ^ instrumental en- 

aasteur and ili-cbnceived. They by “°i* e innovative financ- consciously arch performing vowpewhirti closed each half. se “ We CireIe ’ . . 

propose the total reinstatement if** — single property unit style (for which his own . A memorable and invaluable There was nothing in the pro- 

Sf the Floral Hall complete trusts or other forms of pub- Frankenstein!/ is the ideal ^ memorable and invaluable gr ^ mme one CMa j Object ^ or 

with Its dome that burned in ilc shares that would show a vehicle) might have been dis- even puzzle over — and I mention 

1956. and a outdoor amphi- Pro®* for those prepared to in- torbed by Grubers annexation this without the least pejorative 

vest of songs that can bear a per- _ Kurt Schwertsik was bom in nr Evprwthi** 


JfUJL 


“ffYfuS Han.ca^-u 

£ awmowco io]pn7 

mMimDoaMMim 


^ srtfjss x&m 

wStlhe Community Associa- al/lemMt to snsSrefti S SZZSi 1 n^tolgia. Peter Alt eaberg-; 

tion has failed to do is to sbow a*e found to complete the de- s trSro. through the political music ensemble called “Die 9£ e who hmpired 

how its scheme could be funded velopment in its entirety. But ^th a variety of Behe.” In the following years Mba ? t Serg ^ s £ Uenb ?!& Lieder 

or how it could help to fund the money cannot be obtained until jn the 1920s and early of the 1960s and the earto 197 Os , marveUous, bittersweet 

improvements to the opera Westatoter grant planning oS Sab“ he blc^T idSSed^rith the 

house. It is tune that organ isa- ** J® 611 fruits of the long-lasting col- German neo-romanHc move- 

ttons like th;s realised that they JJ _be a reajto- Sir Ciaus jaboration with Brecht, yet each ment— -that late flowering in miiSS? 

have to be able to demonstrate "°*f r “S said that unless the facet was given a distinct and Germany (delayed for some 40 ftowkte an Ljuba, caun inatj ng 

effectively that their a Item a- highly eff Stive colour; there years by the overwhelming iin in HannsEisler’s solitary setting 

tives are viable. It is notice- °°5 e scheme will never any doubt that this flueoce of Schoenberg in parti- fT®™ ,^ e .cycle, which 

able that the Jubilee Hall wou ^ be a was a sincere act of homage cular and the Second Viennese SchwertMg designed his own 


of songs that can bear a per- 


memorable and invaluable There was nothing in the pro- 
ening. gramme one could object to, or 

even puzzle over— and I mention 
iw>m ^ Without the least pejorative 
^ ojmimd overtona Everything 


Pastiche reconstnictiOKis and an awkward amphi- 

theatee ^J^ongthejOteruativepr^sJ^ iT e me“whi<S'' ft rSmm^ tr^edy. JTuJ ^3 S ttTtaa: contributfo^ to lead up toin 

Covent Garden produced by the Co nun unity Association architects have Once planning permisison is Though Brecht’s massive in- mate, light-hearted neo-dassi- the musical as well as the 

Association. themselves designed, also given on June 30, and I am fluence seemed to pervade every cism of Poulenc and Milhaud, poetical sense, are a muted ana 

T„ romnlere their present duced a solution for this depends for its viability on the sure it should be. the architect aspect of the evening, his texts and also perhaps (further de- quietly arresting homage. His 

roMsSto brine the oner a delicate London site that is marriage of commerce and com- can still refine and improve his appeared in only four of the layed for some 60 years) of the Nachtanz — a brilliant collage for 

JIK0 un to scratdi the Roval ingenious, elegant and practical, munity uses. scheme and indeed, things like songs; but those did form dry. acerbic fantasy-worid of instruments that Is almost 


have Once planning permisison is Though Brecht’s massive in- mate, light-hearted neo-dassi- the musical as weu as. tne 
also given on June 30. and I am fluence seemed to pervade every cism of Poulenc and Milhaud, poetical sense, are a mnted ana 


new £tadio?for the^sU^— house ?p to seSteh the Royal ingenious, elegant and practical, munity uses. scheme and indeed, thmp Wee songs, but those did form dry. acerbm fantasy-worid of instruments that Is almost 

to mention improved areas for Opera House Development It also manages to provide The objectors are right to the car ' Park be ^solved. But emphatic mid mitural high- Erik Satie. pastiche, but never quite as 

the public. In the 1970s the mtttee in February this year elements for the opera house, point out the undesirability of points: “ Bei der Kanone dort ” Jbe most pervasive qualities obviously derivative as one has 

Labour government provided and have now been revised for like the reinstated portion of a SOfrcar underground garage “““S cannot start and the " Kfllbermarsch from of tfce concert devoted to his ariehttoexnect-wastheeven- 

Jhe twoa^esrfkid ?^Sderati?n at the^nd of the Floral Hall and i “ double- that has been demanded by delay* would be HMHatti Second World work by the Almeida Fe^al 

the opera boose. Bow Street this month. helix” staircase that will be Westminster as part of the both undesiraWe and un- Wor, and the magnificent “Die last Friday were good nature, “f s on ® P y ana 

Russell Street, the Piama and tTOIlh i- taken memorable and dignified. I opera house scheme, but there {* Ballade vom Wasserrad” and good humour, transparem. sin- solemn, shot through m every 


provided mid have now been revised for like the reinstated portion of a 300*ar underground garage c0 ?“ e .^f undl f g 1 camuit start the “ Kfllbermarsch ■ from of itoe concert devoted to his a rieht to exnect— was the even- 
Seen SSZ., thH.d of S5JEJ"!. “TP. A “USLiSSS 1 ^ £ S^VtSES.* 5S KS « o 


staircase that will be Westminster as part of the 


toton memorable and dignified. I opera house scheme, but there !* - 55 1 ® Ballade vom Wasserrad” and good humour, transparent sin- solemn, shot through in every 

James Street for future arSitSJ; who ISSa have before about their is a need for the 1000 or so "“JjgL “ Ued woa der belebenden cerity. and a great quantity of measure with melancholy 

development but provided no fe.Sl?h?c to proposals when they were pub- workers at the opera house to harden. It is time the wirkung des Geldes” from the genuine, infectious charm. laughter, 

money. licl y exhibited earlier this year, have some parking, particularly n mid-1930s. The rest seemed SdiwertsiVs music is homespun, Dominic Gill 

^ They have now been revised for those working unsocial designed to sbow Eisler as a wMy, nostalgic, vegetarian, poll- DOBlinlC Gill 


The removal of the fruit and proposals which were con 


VS^JSSLSSf^Sl denuMdin^briS toTt S OwTlo «Sd Si S uSZ'irfi 

K fSf SllSa »ii?S?ff?iSlfv b S?ii2dJ 12J0 10 7 2XS P m> in the James ^ station, but who will 

in the area and in 1982 the would not only satisfy the needs ct™»t hmiriinp of the ooera n*vv 

Royal Opera House -was able of the opera house but find ways jtr^ buildmg ot tne opera pay? 


IUEJ *«vc UWH UEW 1 V.UVM AW. luudt KUIMUg UUWUO* ... I. . _ 

and can he seen throughout hours. They are also ri*ht to ^ ° a ? nol ? thic . hplk * 

June (Monday to Saturday, try to have improved links with ® e ? r 

19.9A to 7 Mr nml in the James the Tiih« ctaKnn hut who urill on corner Of xUlSSeli Street 


to complete Phase One of its of providing an appropriate way 
long term development plan of adding some commercial 
with the rehearsal room block buildings to the site to provide 


1 V uut needs refining and in general 

I ; . A terms his whole architectural 

It is easy to come up with although his new entry tower 


Jews in Germany under Prussian Rule 


It is necessary to look at solutions to problems if one more vigour. This will surely 
them again because everyone can write one’s own unrealistic come when the planners seize 


Jaekie Wullschlager 


• ■* - :k <m James Street This was the capital for the opera’s ex- from the Prince of Wales to brief, as the Covent Garden the best chance they are going Hindsight plays many tricks, exhibition, Jews in Germany ficate, but most would probably 
• - ^ designed by the architects pansion and renewal. the most casual passer-by at the Community Association has to be offered to make toe opera and memories of the Holocaust 5v!S*fc a ffS! d »h 1 I? t ihi? e ..fci§ 


designed by toe architects pansion and renewal. toe most casual passerby at the Community Association has to be offered 

Gollins Melvin Ward in a style The architects chosen. Jeremy Piazza screen version of the done. But the fundamental house, once s 

that succeeds in making it Dixon working in association recent Domingo performance, question remains— who is to pay the apple c 

look as though Barry had with Bill Jack of Building has been inundated with for the £56m improvements to Covent Gard 

designed it in the first place. Design Partnership, have pro- counter proposals from the the opera house? The Govern- serves to be. 


another. A mainly photographic ’£?“« Warwick Ana relieon pour en changer. 


David Bedford 50th birthdav/Spitalfields Church 


Paul Driver 

David Bedford was prominent a piece. Seascapes, originally repetitive -.patterns and chord 
daring the 60s and early 70s commissioned by toe Scottish sequences. Bnt the longer Sextet 
as a composer with a line in Chamber Orchestra and Scottish for five winds and piano, receiv- 
gently controversial avant-garde Postal Bord. It contains 12 mg its UK premiere, was a 


David Bowie/Wembley Stadium 


Trust Gallery, to hop across Assimilation was their faith, 
centuries and national borders, and mo6t were too far down its 
throwing up a plethora of new line even to consider Herzl’s 


historical parallels and para- 
doxes. 


alternative, Zionist path. In 
general, this is a painfully 


It is time to blow the whistle 


None is more striking than honest exhibition, but to my 

Ant Ami Thnmr rn.H the bonded fates of German mind it falls short of showing 

nnimf ■ mmcnni Jewry and German nationhood, how greedy most Jews were for 

On the crest of an industrialis- acceptance, that yearning to 

, ... ...... . . . „ . ing wave in 19th century belong that made even a 

Bowie did not help by making warm up musically, hut the Prussia, power and profit came Bothschold town on Bismarck 


techniques and memorably odd short movements variously em- stupefying affair, its debt to on rock concerts at Wembley his act complex and visual, sheer bleakness of it all bad to Germans and Jews alike; in for honours, only to bo given 
titles (eg Star Clusters, Nebulae ploying professional instrum en- minim al music all too apparent, stadium. Admittedly the There was a team of six dancers already sent toousands home for both cases, a most precarious toe Red Eagle in a form 


and Places in Devon, A Horse, tallsts, school instrumentalists and its pop gestures sickly. 

His Name was Hunry Fence- and school singers, and four of ' — 

waver Welkins) who also in- the movements are in toot com- . 

volved himself with the world posed by children on the para- T. S. fcllOt in tne 
of pop-music, performing in digm of the preceding move- j 

The Whole World band and do- meat by Bedford. Thus the W est EnQ 

ing arrangements for Mike movements entitled “Waves,” r«* rr* Go Then Yon a 
Oldfield and others. Over toe “Ice,” “Mist and Snow” and anthoioeised 'reading 


English mid-summer weather w ho descended on to the stage an early bath. 


sense of identity lay troubled specially designed— it lacked 


accompanying David Bowie on &om a white spider which I am sure that in a compart underneath. For hot on the the cross at the base— for Jews, 

t r 5 a ay chilly , wet. and cheer- hovered overhead (this is the setting I would have been beels of Jewish emancipation Success induced a sense of 

* ess w®® unavoidable Glass Spider tour) and who for caught by the G l a re Spider, in 1889, German national unity safety from within, rancour 

dampener, but there must come over an hour completely got in There is some effective horse- in j.870 seemed to imply a new from outside, and the down- 

■ “ me whc“ the fans realise the way of the singer by lying play when Bowie is m an h a n dled m ood of tolerance: who could ward spiral was assurj-d. In 

r-, rr, rn Tfcpw vvm anA i to on the ir backs and wiggling by the troupe, and his voice has have guessed that, within a the comparative lull of the 

HL-SS SMeSL. 1920s, Jt is n£ruhIsg_to turn 


their legs in the air; 


the Spitalfields Festival, the ing in toe extreme. 
Endymkra En s em ble promoted * ^ j on _ 


Edward Fox. Eileen Atkins over as about as charismatic 
and Michael Gough. Originally as a whitlow. 


rt nw , 0 Us muti-mlUonlre starim turaj autobiography. The 19th of the family album, compiled 

wnen Bowie returned from a forces him to maximise a visit century Is at the heart of this on the street rather than in the 

sTlirnP onnn □ *“* ** un rh c«mivl m m mm m — — - — — — ~ v— ~ — — - — - _ _ w ... . • . * m « « a. 


Needlework sale 

collection of En^ito 
tlewozk, i n clud in g the Penn 


teachers and bankers. camera, are rabbis in fuU 

In our own century, it is the traditional dress, grizzled old 


fSSS^SJSSn 19$ S tags, 'hissings and explMions Martin Hoyle, who favourably screens which, ta^itabl^, com- on a high wireT and was imme- JNeeOieWOrK sale SSff- SffBnlSS ^era W rabbis in fuU 

toe d EndvmSS! < £id 0 a cwple f of resembled an early work by noted such condibu^ns as mand the attention. One screen ikately bound up in ropes tor A collection of En|llto own Century it is the Sdltional dress, grizzled old 

his oiacationaJL* nieces conducted Penderecki moonted on a those of Vr Gough as Prntoode transmitted a fuzzy image that “87 and Cry,” but, after secur- needlework, including the Penn ca^h men, chOdren both charming 

J?hSSS~ P happily low budget. The first and Mr Fox m The Wasteland, looked as if it was being ing his freedom? he dashed Family purse, thought to have bSuSS Sd disgruntled. 

FoS^Greater London schools London performance of Dfcz/one in an extensive programme that beamed from South America, torough some of his best num- been made ta toe and Ifth i cen- 55 ey ®‘ t SJm his stutST a Ten years on, this world has 

for flute and vibraphone was includes Four Quartets and with very bad synchronisation here-- Let's Dance" and tury for Admiral Sir William SnomoSer meS»ra- vanished, and the children 

Srf iSfilr Srtsta Bau> Skilfully given by Hel«i Keen Portrait of a iMdy , , the wit amd between sound and vision; the “Modern Love”— backed just Penn, will be sold by Christie’s, youjg to a^UuSmyant emerge wearing yellow stars. 

SfdS and Ptatilco In and Martin Allen and toe short inteUigence of Eileen Atktas other only came into action by his proficient band fa which South Kensington, tomorow at tu^ out to bV Early warning signs, like the 

SreoaSffor tois^St tS piece was appealing ^fa its cate toine out The director is halt-way through tire concert Peter Framptou featured. By 2 pm. and not todays reported HSSJt ^d ttStre £?ecto? assabination Walter Rathe- 

Swkwtogtwqwof cSldren on and anodyne use of deliberately Josephine Hart. and was dark and tired-looking, now things were beginning to fa Saturday’s Financial Times. Rhefihardt! nau as he broke into the ranks 


Max Rheinhardt. 


nau as he broke into the ranks 


Arts Guide 


A 


Italc/Monday. Opera and PeM/TUesday. TbMftra/Wbdnes- 
day. BdMlBBi/lhnJq. A setortfve guftto to al the Arts 
appears each Friday. 


What they shared— and toe of *igb public office, are well 
mostly rigid stances, the self- documented here, but the final 
definition achieved through an atrocities are condensed into 
austere professional image, four sparing images, a corpse 


Your first issues free 

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Music 


Sfimittfcw, Stnari Mta r (Wed) and VI- 

wiHi, pmhmjt fThnrs). (2778286). Pnntesco^ f Avalos, Anas Evans, by Kaznyoshi Aldyama wlfli Midori 

sssr” gttswss 

No 20 in D major, Richard h«? Gwd Boy Drama Fkvaar - Km i knn (Toe) (3826764; 8247003). 
ts Don Giovanni and Shook- fjjwwd “J AoJePwgs Jkmq phflbannooic Oidwstra and 

, 5th Syumbony (Son) s£»-Yutai Chorus 

6V _ „ , . rS* weq . uur^ Manta Ohtemo; sHn wtadwn. 

11a Medici Festival {Accadem- WdrahjSIS. sSaSLnov. 

Franda, Piazza Kata del 2S?? awL Festiv “ “ BaveL Tokyo Banka Kaikan (Wed) 

l)Jtadtew Davies conducting ^ _ (2345011). 

Tte torTSrfrafi'rSSJrSS CsndeUge Bwkeas Bach. Vivaldi, 
of Cleopatra and* Harold in Tears. Barbfaan Hall JtortTggCentre HaD,Akasaka 

Sv^toNo IB. with solo- <**“>• rttior) (5458248). 


Granadkb Festival iodndes this week SUrossrs wm uwanma 
IbDjuhin Chamber Orchestra coo- *** Symphony (Son) 

ducted by Dapov and Sophia Madri- (80 JL28). 

gal Choms c cn dacte d by Kralev Bone: Villa Medid Festival 
with a two day programme; Mon- ia di Franda, Piazza 1 
day, Purcell, vivalifi, Respighi and Monti 1). Andrew Davies co n d u ct in g 

Ramon Bolden Samlftan. Tuesday: the Santa Cecslia Orchestra in Ber- 

CordH, Vivaldi, Tdemazm, Bach, Hoofs Le Corsair Overtme, The 

Haydn and two pcemferes by Jose Doth of Cleopatra and Herald in 

Barrera and Fernando Sex. Auditor- Italy - Symphony No 16, with sok»- 

to Manuel de Falla. Wednesday: gui- ists Felkdty Palmer and Bruno Gin- 

tar concert by Flores Cbaviano: Ian- ranna (Sat) (67611). 


is to al the Arts June 19 -June 25 SSS'tw! dSS£X« **& “5 a sureivorTa mass grave 

scription to toe material and and a wondering child. The 

■ ■ — — — — cultural life of imuerial or exhibition seta out to explore 

Weimar Germany. Few, how toe Nazi era came about. 

T^Syd^yOfAestracwi&dBd desperate titS rf lelva na^SSS 

baptismal certi- fathom. 

) (538 8SS1). Brahms, Sdifioberg. Tokyo Banka 

rsn.’sa; Saleroom/Antony Thorncroft 


ro, Ardevol, M. Ponce, Chavez, Gin- SpaleOK 

J TRan^W Thiamin.. wjfWCW- 


S^TSTL Saleroom/Antony Thorncroft 

Suo-Ysku Cbcras by 

Naoto Ohtmno; alto sazapbrnie Ken- t P ’KM" 

Good news from Monaco 

(2345811). 

ankridfee ®Btas Bach, Vhraldl, There were some good omens approaching those of Old Master 
Mozar t. Toafai Centro H a ll . Ak a s a fca for the British Rail Pension paintings, which remain com* 


(Thor) (545 8248). 


NEIHERIANDS 


asterra and TialkAos. Thursday: T^oCaioMel 
concert kyJoshUma PtazoUs Al- (Thurs) (40265) 
bentfs ‘Suite Iberia* (Homage to Rn- r . ; , flln1rn : 


Aantiadam, Coacartgebovw: Leonard 
Mdisso:mwasy concert Bernstein conducfeig with Helmut 


Fund, which disposes of its col- para lively low. 
lection of Old Master prints at The highest price was toe 
Sotheby’s next Monday, from £488.400 paid for a rural scene 
Monaco over toe weekend, by Fragonard. It went to a 


Sermonetn (40kms. ta of Rome) 23rd, 
ta^).^ concerts attbe Patio Fe ^ nL 

deArrayanes. Caetani: Prate- Ensemble Wind Oc- 


Wlttek, bpy soprano. Schubert, Mah- 
ler (Wed, Thur)(71 8345). 
imrfmfaw, Rg adis o; the Mo En* 
Semite conducted by Peter Eotvds 
with Tbco Kooistn, ceOo. Ligeti, 
EBtvos, Carter, Take (Hon) (2U). 


"my sSaTsssSt^p 1 ®"- 

Ffaraice: (50th Maggio Mnsicale): Tfea- 

tro Gormnwte IZabin Mehta _coo- LONDON TOKYO 

Royal Phflbannoiric Oie h crtra ctm- New Japan St fa i p l niBy O uhuaiia. con- 
bergh and John Tomfinran (Sat, doctor Andre Previn with Anne-So- ducted by Shu# Taaaka with Kotaro 

fh.n Wed, Thor). The Orpheus pbie Mutter, violin. Beethoven, Pro- Sato, p i a no: B ern stein and Gersh- 

n..miw Orchestra witii violinist xofiev. Royal Festival Hall (Tne win. Tokyo Banka Kaftan (Mon) 

Gidoa Kremen Mozart, Schubert, Wed — all Beethoven). (9283191). (2379980). 


ducted by Sha# Tanaka with Kotare 
Sato, piano: P e rns! win and Gersh- 
win. Tokyo Banka Kaftan (Mon) 
(2379980). 


. . . every working day, if you work in the business centres of ANKARA, ISTANBUL & IZMIR 
0 Istanbul (01) 5206726/5205400 And ask Meral Erden for details. 


NEW YORK Monaco over toe weekend, by Fragonard. It went to a 

T..nu.i.ii rhnrum. fm tit pnTii in Another important collection. Swiss Gallery at the bottom end 

I** °W Marter drawmgg of Dr of its estimate. An attractive 
cert gram E n s ea u a e pafonn muse Mlrhel Gaud, came under the picture of a vonne servant trv- 

for bras s ranging from toe regais- Smmer and made £1-287.000. tagto fSd 

wm} 5M.fc M.4knB ^ slightly 30(1 off the attentions of a greedy 

oniy 10 per cent unsold. cat, which carries toe monogram 

The drawings were by Italian L F. and the date 1635, was 
WUHNOIDN masters and dated from the 14th double Its top estimate at 

to the 17th centuries. The top £2334.00. A London gallery 
Mostly Mozart Bertha! (Cbocert Hafik price, paid by a Swiss collector, bought a scene at the Palais 
Festrral toAestra conducted by of £105.450, captured a study of Royal depicting a fine lady pur- 
Gerarf 2S n 5 B 5* AMfczart pro- a seated nude by Francesco chasing a rose fro ma flower 
gramme fWathHAydn. Mozart. Bee- Salvia ti. which carried a top girl by Uarcbel GartiM for 
htarTWdy Center estimate of £80.000. He also Ulo.SOO, also* 1 
l 254377 ®)- secured a bead of a man by estimate! 

SSS? 1 A d SSJ2inS l f 1 !S: licr Perhaps toe most successful 

rCLiiS s® 1 ® was architectural drawings, 
f the Carracci a hot market at the moment. A 

— ■ - , i fetched the same sum. plan of the gardens of the Petit 

A.NRUL&I7MIR Sotheby’s also offered Old Trianon, Marie Antoinette's 

Master paintings, for a total of jeu d’esprit at Versailles sold for 
. ^ £3.384400 and 175 per cent £42.180. around three 

or details. unsold. It is quite extraordinary forecast, and a project far the 

_ il how the price of Old Master facade of the Chateau de 
drawings, and to a lesser extent Meudon by Le Vau made 
Old Master prints, are now £35,520. 


Financial Times Monday June 22 1987 



FINANCIALTIMES 

BRACKEN HOUSE, CANNON STREET, LONDON EC4P4BY 
Telegrams: Rnantimo, London PS4. Telex: 8954871 

'telephone: 01-248 8000 


Monday June 22 19S7 


The inner city 
bandwagon 


CITY OF LONDON REDEVELOPMENT 


A BROADLY based programme 
for promoting the revitalisation 
of the inner cities is likely to 
feature strongly in the Queen s 
Speech on Thursday. The Prime 
Minister herself will chair a 
special cabinet committee 
whose purpose is apparently to 
manage a campaign that is 
beginning to look like almost as 
much of a priority for her third 
term of office as the reduction 
of inflation was for her first. 
Evidence of the Government’s 
new-found enthusiasm for such 
a programme is eme rgin g from 
almost every department of 
state. The Department of me 
Environment, under Mr Nicholas 
Ridley, will command the lar- 
gest budget, to be devoted in 
part to the existing urban pro- 
gramme and in part to the 
establishment of new non- 
elected urban development 
corporations. The Department 
of Trade and Industry will be 
responsible for job creation, 
nmng the task forces established 
by its new minister. Lord 
Young, when he was at the 
Department of Employment. 

The Department of Employ- 
ment will have its own role to 
play under the telegenic Mr 
Norman Fowler. At the Depart- 
ment of Education Mr Kenneth 
Baker is promoting his new 
programme for schools to opt 
out of local authority control 
as part of a strategy whose 
purpose is to free the people 
from the shackles of life in 
urban ghettoes. Even the Home 
Office has found a seat on this 
brand-new bandwagon- Its 
minister, Mr Douglas Hurd, 
stressed in a speech to the 
British Security Industry Asso- 
ciation last week that there was 
a “ clear connection between 
the fight against crime and our 
proposals for a reform in 
education, housing and job 
creation.” 

Three doubts 

Such indications of good in- 
tent are to be welcomed, par- 
ticularly by those who cast 
doubt on Conservative “ com- 
passion ” during the election 
campaign. The merits of the 
overall strategy have, however, 
yet to he proved. There are 
three principal areas of doubt. 
The first is that much of what 
is being done could be con- 
strued as a means of by-passing 
local authorities, thus avoiding 
the painful conundrum of how 
to reform them. If schools, 
housing and urban development 
are to be managed by 
Whitehall-appointed corpora- 
tions or worse, directly from 


Whitehall, the disadvantages of 
government by bureaucracies 
responsible to nobody in par- 
ticular may eventually over- 
shadow any early progress 
made by direct intervention. 
The risks are all the greater 
when several departments are 
doing the Job at once. 

The second doubt arises from 
the Government’s ideological 
distaste for “ dependency " and 
its consequent commitment to 
reduce the number of people 
who must be given state or 
local authority assistance. The 
primary aim is in itself one 
that can only be applauded. 
Just as until now more people 
have become homeowners, or 
small Shareholders, so in future 
the greater the number of indi- 
viduals who are enabled to 
create their own small busi- 
nesses, or to become .self- 
employed or to take retra i n i ng 
for available jobs, the better. 
After all, the expansion of 
choice — in housing, schools, 
and elsewhere — is a part of 
the philosophy upon which the 
Conservatives stood for re- 
election and won. What is not 
so clear is whether the Govern- 
ment fully appreciates that 
large numbers of people are 
unlikely to be turned into self- 
reliant individuals, however 
much effort is put in by the 
departments of state. There is 
a population of permanent or 
semi - permanent dependents 
that includes the old, the dis- 
abled, and the sick — and also 
the badly educated and the 
long-term unemployed, particu- 
larly those aged 50 and over. 

It is here that the third 
doubt arises. It has become 
fashionable to deride extra 
expenditure in these areas as 
“ throwing money ” after a 
problem that cannot be solved 
in that way. Experience sug- 
gests that this is largely so — 
but that it is not the whole 
story. Those who remain 
dependent will become increas- 
ingly costly, particularly as the 
old become the very old. Pro- 
grammes designed to lift large 
numbers out of dependency may 
usefully draw in private capital 
(as in the Housing Corporation's 
programme, or in London’s 
Docklands, or the City Tech- 
nology Colleges) bnt success is 
likely to depend upon a suffi- 
cient injection of public fund- 
ing to back up the various 
publicly-originated programmes. 
The present Government is per- 
haps better placed than any 
of its predecessors to improve 
the inner cities, but it cannot 
be done on the cheap. 


Gatt disciplines 
under strain 


EUROPEAN Community 

foreign ministers are today due 
to endorse an extension of the 
Community's anti-dumping 

rules to products manufactured 
in Europe out of cheap im- 
ported components. The 
decision will be seen as further 
evidence of the way in which 
the EC has lost patience with 
Japan this year. 

The commission insists that 
its new anti-dumping rules are 
not directed against Japan in 
particular but they have 
aroused considerable anguish in 
Tokyo. Lumping them together 
with other measures now on 
the Brussels agenda creates a 
clear impression that EC frus- 
tration with Japan has reached 
the point where it is prepared 
to stray into areas that are at 
the very least “grey” in terms 
of the General Agreement on 
Tariffs and Trade. 

These other measures include 
a threat to impose discrimina- 
tory tariffs on Japanese goods 
diverted to Europe as a result 
of US trade sanctions and a 
claim for compensation for the 
increased access Japan has 
gained to Spanish and Portu- 
guese markets as their tariffs 
were cut following accession 
to the EC. In neither of these 
two cases nor on dumping can 
the EC argue incontrovertibly 
that its approach conforms with 
the Gatt. That depends on 
interpretation and the EC 
case, which appears weakest m 
the case of retaliation against 
diversion, can be argued both 
ways. 

Growing deficit 

Shifts in trade policy often 
appear initially as a matter of 
nuance. The EC has, however, 
long claimed that what set its 
approach to Japan apart from 
that of the US was that it 
stayed within the Gatt whereas 
the US felt able to ignore such 
constraints. Now this approach 
seems t» be shifting. Instead 
of respecting the spirit of the 
Gatt, the EC is more concerned 
to maximise the benefit that 
accrues by interpreting the 
roles to its own advantage. 

It is easy to understand why 
this shift has taken place. 
Europe has to contend with a 
.growing deficit in its trade with 
•Tapan which last year totalled 
-t*ne 821bn (m.8bn). It has 
made little headway in prising 
open the Japanese market for 
its exporters. Industry Is wor- 
ried that US trade 


This time, it’s not a monster 


By Colin Amery, Architecture Correspondent 


and the weak dollar will lead 
Japanese companies to divert 
sales to Europe. 

Even where the EC has had 
recourse to the Gatt as In the 
case of Japanese discrimination 
against imported alcohol, pro- 
gress has been very slow and 
so far yielded no concrete 
result There Is also no deny- 
ing that Japanese business 
practice includes a host of 
niggling trade barriers (such 
as higher insurance charges on 
imported cars which is due to 
be raised at bilateral trade 
talks next month). It is proper 
that pressure should be unre- 
mitting on these points. This 
should not however, be taken 
to the point where Gatt is 
perceived as an institution to 
be got round rather than 
respected. 

This is all the more true 
after last week’s Gatt secre- 
tariat report that protectionism 
has increased markedly since 
the Uruguay Round was 
launched last September. The 
number of trade disputes and 
grey area measures taken by 
its members rose to 116 in the 
six months to March from 93 in 
the preceding six months. 

It would be an illusion to 
think that measures such as 
those on which the EC is now 
embarked will do much if any- 
thing to correct its trade 
imbalance with Japan. Not only 
is the Nakasone administration 
weak politically; its main trade 
preoccupation is with the US 
not Europe and its large trade 
surplus is due to fundamental 
factors which cannot be put 
right by a small but pernicious 
increased dose of protection. 

There is a temptation for the 
EC, which more often than not 
is caught in the middle of argu- 
ments between Japan and the 
US, to succumb to the belief 
that blunt pressure attracts 
attention and brings a more 
positive response. The US itself 
has not achieved much in 
practice from adopting Oils 
approach. 

Where its anti-dumpi 
measures are concern 
Europe has much to lose in 
terms of potential inward 
Japanese investment. The world 
at large has a great deal to lose 
if the Uruguay Round fails. In 
its dealings with Japan the 
commission should remember 
that success in Geneva depends 
on all members of the Gatt re- 
specting its spirit as well as its 
rules. 


I T was May Day 1984 when 
the public inquiry began into 
Mr Peter Palumbo's long- 
standing proposals to build a 
tower by Mies van der Robe on 
an acre of land opposite the 
City of London's Mansion 
House. The inquiry was long 
and expensive. The Prince of 
Wales's intervention describing 
the scheme as “a glass stump 
more suitable to Chicago 
seemed to sum up the general 
view. The inspector’s report, a 
masterly and balanced docu- 
ment by Mr Stephen Marks, 
left the door open for a differ- 
ent kind of office development 
in foe future. Although the 
minister saw the value of the 
listed buildings on the site it 
was his considered view, 
expressed in a letter accom- 
panying the report that a new 
building of sufficient architec- 
tural quality could be permitted. 

His exact - words are 
important M He did not rule out 
redevelopment of this site if 
there were acceptable proposals 
for replacing the existing build- 
ings. He does not consider that 
the buildings are of such over- 
riding importance that their 
preservation should outweigh 
all other considerations.” 

That future date has arrived. 
The City’s planning and com- 
munications committee meets 
tomorrow to give or withhold 
consent for Mr Palumbo’s latest 
proposals. It is a crucial test of 
the conservation versus devel- 
opment debate in the City, at a 
time when shortage of office 
space is pushing rents ever 
higher. 

Mr Palumbo’s current 
proposals are different 
indeed from the Mies van der 
Rohe glass tower. The new 
bonding is designed by Mr 
James Stirling, one of the most 
famous of contemporary British 
architects. His Turner wing for 
the Tate Gallery opened earlier 
this year and it is the archi- 
tectural quality of his scheme 
that is on triaL 

P ETER PALUMBO will 
not receive planning 
permission for his office 
redevelopment. Net yet, at 
least He is In a planning 
straftjaeket. 

Tomorrow the City of Lon- 
don planning committee may 
recommend that his plan 
goes ahead. That is doubtful. 
The Common Council of the 
City— all the elected mem- 
bers of the Corporation — may 
agree. That is equally doubt- 
fnL 

But, even assuming that Mr 
Palumbo clears those two 
hurdles, English Heritage has 
to agree to the demolition of 
the listed buildings that 
would make the redevelop- 
ment possible. It is known to 
be against such demolition. 

If the planning committee 
rejects Us proposals, Mr 
Palumbo can appeal to the 
Environment Secretary. If 
English Heritage refuses per- 
mission for demolition, he can 
do the same. 

In short, another public 
inquiry seems likely. But It 
would not be a repeat of that 
Which, in 1985, led Mr Patrick 
Jenkixt, then Environment 
Secretary, to turn down an 





It is worth looking again at 
this famous site. The parameters 
of the development have 
changed; there is no longer any 
Mansion House Square, the new 
scheme is called No 1 Poultry. 
It is a triangular site, bounded 
by Poultry, Queen Victoria 
Street and Sise Lane. The build- 
ings on it at present form a 
part of the Bank of England 
conservation area, as extended 
and defined in 1981. They were 
described at the public inquiry 
in 1984 by Mr Ashley Barker, 
of English Heritage (the 
Historic Buildings and Mona- 
ments Commission for 
England), as being good and 
characteristic buildings which 
show the essential spirit of 
business and commercial archi- 
tecture of the 1880s and 1870s 
in the City of London to very 
good effect. They are one of the 


best and most extensive groups 
of such buildings still existing. 
Some eight of these 19th cen- 
tury buildings are now listed. 

What are the particular quali- 
ties of these listed buildings? 
Much of their charm is cur- 
rently concealed by a long- 
standing scaffolding. The most 
famous and, it is fair to say, 
best loved building, is always 
known as the Mappin & Webb 
building. It was designed by 
the younger John Belcher, and 
Is an important example of the 
application of the Gothic style 
to a multistorey office buildi n g. 
With its gabled entrance in 
Queen Victoria Street, and the 
corner tower with its steeply 
pointed roof, the block brings 
some of the medieval romance 
of Victorian commerce to the 
elassiral heart of the City. 

Other interesting elements on 
the site include the consciously 


historicist brick* stone and 
terracotta block at numbers 12 
to 13 Poultry. London relief 
panels show processions of 
En glish monarchy riding 
through the City ending up 
with Queen Victoria opening 
the Boyal Exchange in 1844. 
There is one surviving Georgian 
block, one of the last reminders 
in the City of how things looked 
before the 19th century trans- 
formation. 

The historical importance of 
the listed buildings Is princi- 
pally because they form one of 
the few remaining stylistically 
mixed groups of commercial 
buildings of the period 1868 to 
to 1877 that arose as the result 
of the construction of Queen 
Victoria Street. Are they 
significant enough to be 
restored and refurbished and 
preserved tor ever? Is refur- 
bishment really possible or 


would it mean complete rebuild- 
ing? Is Mr James Stirling’s 
new design in fast more 
elegant, more beautiful _ and 
more appropriate to this site at 
the heart of the City’s classical 
forum? 

The scheme currently before 
tiie City is known as Scheme B. 
There was a Scheme A that, in 
order to retain the Mappin & 
Webb building, nroposed tower 
offices. That was much objected 
to because it obscured views of 
St Paul's Cathedral. 

What Stirling has designed 
Is a stone and granite bui ldin g 
that Tills the whole triangular 
site. It has an elemental soli- 
dity wMfc a huge circular drum 
rising out of an angular glass 
and stone base. Like much of 
Stirling's work, particularly the 
art gallery in Stuttgart, it is an 
original modern development of 
a whole range of historical 


Many hurdles for Mr Palumbo to clear 


earlier set of proposals for 
the same site. 

There are two points at 
Issue. One is the general con- 
servation versus development 
issue and the other peculiar 
to the Palumbo case. 

The general first. The argu- 
ment over Mr Palumbo’s 
intentions is at root the 
conservation versus develop- 
ment argument. In the early- 
mid 1980s the way that the 
City of London ought to 
resolve the dilemma of meet- 
ing increasing pressure for 
space while at the same time 
keeping intact the historic 
character of the traditional 
Square Mile was the source 
of anguished debate. 

But that is no longer the 
ease and has not been since 
the City Corporation pub- 
lished its Local Plan last 
year. This plan, dealing with 
the land use and amenities of 
the Oty, sought to reconcile 
the conservationist lobbies 
by: 

• Keeping the main pressure 


for development out of the 
core of the City. 

• Making it plain that, 
within specified conservation 
areas, any change would have 
to constitute an Improvement 
In the appearance of a build- 
ing and its immediate neigh- 
bourhood. 

The plan said there would 
be “selective retention and, 
where appropriate, improve- 
ment by way of new develop- 
ment.” Mr Palumbo has to 
convince the authorities that 
his Stirling designs are 
“ appropriate.” 

He is not now in a posi- 
tion to plead that the City's 
economic prospects would be 
damaged if his 130,000 square 
feet of new offices is not 
made available— the other 
side of that original dilemma. 

The Local Plan is not yet 
a statutory document but it 
is City policy. It Is true that 
a public inquiry about it has 
just finished hearings where 
all the general arguments 


were again rehearsed. But 
there are no expectations 
that the broad lines of the 
policy will be changed be- 
cause of the inquiry. 

The Corporation has been 
applying its local plan 
for a year. This has 
resulted in an avalanche of 
planning consents for new 
office buildings. There are 5m 
sq ft of offices under con- 
struction and there were plan- 
ning proposals last year for 
nearly 24m sq ft of new offices. 

Building has not yet caught 
with demand, however. 
The amount of available 
space has declined and rents 
have spiralled to nearly £66 a 
square foot within hailing dis- 
tance of Mr Palumbo's site. 
But demand and supply are 
expected to find a balance by 
1990. 

“ I do not regard Palumbo 
as a test case to respond to 
the needs of the City’s prin- 
cipal ratepayers,” says Mr 
Michael Cassidy, chairman of 
the City’s planning commit- 


OTY 


2J5 


i \ SPACE 




16 



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1383 84 85 86871 
laaiaatDabanli an T&waonaoewoUa 

tee. M But it is a test case on 
matters of design and taste.” 

(hi tiie particular issues 
raised by Mr Palumbo's plan, 
En glish Heritage has modified 
its outright opposition to de- 
molition on the site. It wants 
though, to retain the Mappin 
& Webb building, the apex of 
the site, as "a cherished build- 
ing.” “There is no reason to 
suppose our stance will be 


references. The great archway 
and the duality of much of toe 
design pays tribute to toe 
nS-hy Cit£ Church of St Mary 
Woolnoth by Nicholas Hawks- 
moor. This is not a monotonous 
monolith but a spirited yet solid 
design. 

There will be many advantages 
for the public in the new 
building. Much improved 
entrances to toe Bank Under- 
ground and at ground level a 
substantial shopping concourse. 
Some 50,500 sq ft of the deve- 
lopment is devoted to retailing 
and toe total office floor space 
is some 135,000 sq ft- On toe 
roof level there are gardens and 
a large restaurant looking on to 
a sheltered terrace. The current 
proposals have been reduced in 
height by one floor to allow the 
important view of J5 t Paul's to 
be seen from ConxhilL 

There is still substantial 
opposition to such a major 
development in a conservation 
area with the loss of so many 
listed buildings. In many ways 
It would undoubtedly be pre- 
ferable for the City to do 
everything in its power to en- 
courage toe demolition of all 
the very bad buildings built 
since the Second World War 
while fi ghting hard for toe 
modest enough stock of listed 
buildings. 

However, it is also time to 
add some good new buildings 
to the City's stock. By any 
standards James Stirling^ 
design for this site is original 
and powerful- We all want 
better buildings and it is a 
terrible form of philistinism to 
resist the creativity of our own 
times. The City Fathers have 
allowed such monsters to be 
erected that one can have little 
confidence in their aesthetic 
sensibilities. The City needs 
good new buildings. Mr 
Palumbo’s latest scheme un- 
doubtedly has the potential to 
be one of them. 

changed," says Mr Ashley 
Barker, a director. 

This means that the Cor- 
poration and English Heri- 
tage are travelling on diver- 
gent paths. The focus of dis- 
cussion in the City has not 
been Hr Palumbo's Scheme 
A, which would retain Map- 
pin & Webb bnt Scheme B. 
which would replace it. The 
CUy planning committee will 
tomorrow consider a recom- 
mendation from its officials 
that Scheme A should be re- 
jected hut that Scheme B 
should go ahead. 

Mr Palumbo, then, appears 
temporarily to have last toe 
cherished building argument 
without having won “ tiie 
taste and design" argument 
On the second, all bets on the 
outcome in City circles are 
off. 

However the Common 
Council has already shown 
that if it does not like a 
planning committee decision 
it will overturn it And votes 
there are likely to be east 
subjectively on whether the 
councillors actually like the 
Palumbo designs or not. 

Paul Cheeseright 

Property Correspondent 


Irish play to 
a different tune 

The Irish rugby team inadver- 
tently caused a tom back home 
during toe just-completed in- 
augural World Cup, but not be- 
cause of their disappointing 
results. 

A row began when it emerged 
that the 15 men in green lined 
up for the national anthems be- 
fore their opening match 
against Wales, pushed out their 
chests and stood fast for The 
Rose of Tralee played by James 
Last and his orchestra. 

No wonder the team went 
down to an ignominious defeat; 
scoffed many Irish fans. Why 
not Paddy McGhrty’s Goat, Phil 
the Plater’s Ball, or Are You 
Right There, Michael, Are You 
Right ? mocked an indignant 
columnist. 

For all the joking, the 
episode touchedo the _ raw 
nerves exposed by toe division 
of Ireland into British-ruled 
Northern Ireland and the 
Republic In the south. 

The Irish Rugby Union is 



t. » 


“Hopeless— you can’t get near 
for British politicians trying 
to kiss it” 


Men and Matters 


one of tiie few institutions 
which embraces the whole 
island, drawing on players from 
both sides of the political 
divide. To avoid conflicts of 
national allegiance, a conven- 
tion has long prevailed that 
while the Republic's anthem. 
The Soldier’s Song, is played at 
matches in Dublin, none is 
played at away matches. 

Evidently, the World Gup 
organisers required an anthem 
for every side participating. 
Faced with this the Irish, In 
the words of roach Mick Doyle, 
plumped for “ something totally 
non-politicaL” 

A debate is still rumbling in 
the letters columns of the 
Dublin newspapers between 
those who sympathise with toe 
team’s dilemma and those who 
argue angrily that no apology 
need be made for The Soldier’s 
Song and its fighting evocation 
of toe battle for independence 
from Britain. 

The Irish Times concluded 
in a lofty editorial that it was 
time for a new anthem and an 
all-Ireland flag for such sadly 
few occasions of unity. 


Separate service 

Another issue which frays 
national sensitivities in the 
Republic is Remembrance Day, 
traditionally held in Dublin in 
mid-July. 

This year Charles Haughey, 
the Fianna Fail Prime Minister, 
has upset Opposition leaders by 
proposing separate services in 
the Catholic and Protestant 
churches for all war dead 
instead of a single commemora- 
tion at Dublin's Garden of 
Remembrance. 

He suggested toe change 
after complaints from some 
Republican quarters about last 
year’s service. It commemorated 
Irish soldiers killed In British 
uniform in the two World Wars 
as well as those who died fight- 


ing toe British before Inde- 
pendence. A British Legion 
representative was present. 

The leaders of Fine Gael, the 
Progressive Democrats and the 
Labour Party all replied to 
Haughey that last year’s 
ceremony was appropriate and 
should be repeated, despite the 
apparent clash of loyalties. 

D esm ond O'Malley of the PDs 
said the idea of separate 
ceremonies was divisive. " It 
tends to underline toe religious 
divisions on this island which 
lead to such suffering,” he said. 
The affable Foreign Minister, 
Brian Lenihan, has been asked 
to work out a solution. 


Hard Knock 

Knock Airport, the remote 
I£14m hilltop airport in County 
Mayo opened almost literally 
on a whig a prayer last 
June, has had a turbulent first 
12 months. 

Within weeks of the opening, 
its founder and inspiration, the 
wily priest Monsignor James 
Horan, died while on a pilgrim- 
age to Lourdes. Then there was 
a legal row with an airline 
which was to have provided the 
core services but which never 
got off the ground. 

To cut costs, the airport com- 
pany has had to put its 24 staff 
on a week-on. week-off rota and 
last week terminated a £100.000- 
a-year, 10-year management con- 
tract with British Airports 

^ESybQpes of 250,000 pass- 
engers and a profit in 1987 have 
clearly gone by the board. But 
Knock is not about to give in 
to the cynics who mocked the 
“foggy, boggy” airstrip as a 
certain failure. 

Sheduled flights by RyanAir 
now run to Luton. Birmingham 
and Manchester. Charters come 
in from the UK and the US, 
some bringing visitors to Mgr 
Horan's beloved Marian shrine 


in Knock. A freight licence Is 
expected soon. Local enthusi- 
asts, their tongues not wholly 
in their cheeks, call it toe 
fastest growing airport in 
Europe. 

And what about the fog and 
the bog? 

The bog, all eight peaty feet 
of it, was bulldozed off the site 
before the runway was laid, so 
Knock wil not sink. The fog is 
dismissed as a myth. Only two 
flights have had to divert be- 
cause of bad weather in the 
last six months. 


Londonderry air 

John Hume, MP for Foyle and 
leader of the Social Democratic 
and Labour Party, has long had 
a reputation for possessing a 
string of top-level, Irish- 
American contacts. 

A measure of Ids success in 
working these to the benefit of 
constitutional nationalists like 
himself was toe way President 
Reagan and the Irish leaders of 
Congress sounded their full 
backing for the 1985 Anglo-Irish 
Agreement almost before it was 


Now the Agreement Is well in 
place, Hume is testing the 
economic worth of his contacts. 
A bevy of American business- 
men is due to visit later this 
year to look at investment possi- 
bilities in his native London- 
derry. In toe meantime, Hume 
wants to open up air links to 
his constituency. 

He approached Virgin Air- 
ways about starting flights from 
London to Londonderry. Fine, 
said Virgin, but we are a bit 
preoccupied with trying to get 
permission to fly to Boston, a 
task which is proving very 
difficult. Maybe I can help, said 
Hume. He wrote down a name 
and a Boston telephone number 
and handed it to toe sceptical 
Virgin men. f^»n thin in 
two hours, he said. 

Virgin gave it a try and 
before they knew it were treated 
to a red-carpet reception in 
Boston. If the airline’s applica- 
tion is blocked, it is a fair bet 
it will not he at that end. And 
Virgin has now filed an appli- 
cation to start flights to London- 
derry. 


Observer 


PLATINUM 

-A UNIQUE INVESTMENT 


Platinum is one trfthc rarest metals on earth and 

one of the most valuable, h is produced in 
exceptionally small quantities and die mud wudd 
output is only around 80 tonnes anno; ~ 

compared with about U200 tonnes of 

Mach of the platinum produced is 
used in a rapidly growing range afhigil 
technology appucuious and a 

K igni f iran r pmpnffinti ic marie nflfl 
jewdlexy. Consequently the metal is 
always m demand. It is also a readily 
tradeable commodity 

Now Johnson Matthey platinum 
bars are available to (he private 
investor. Of course, like any other 
investment, the value of 
platinum can fall as well as 
rise, particularly in the short term. 

Bnt too price fa atariing has 
nearly quadrupled during 
past decade and over a aizufiar 
period it haa ewnly o u t p erf orm ed 

Johnson Manbey platinum bars arc- 

cadi one being Individ txaUy numbered. 

You can take possession of the bare in the 
UKJn whkh case ’WT must be charged. 
Alternatively, they can be held in safe keeping 
at our vaults m Jersey or Zurich, in which case no 
VAT is 




5*0 


Johnsco Matthey platinum bars, and an apphcatjotifonn, simply 
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JOHNSON MATTHEY 

Platinum refiners forever 150 years. 

FT22/6/87 

Please send me fiiS information on Johnson Matthey platinum tan 

Namy __ 

muuntvrncunMq - 

Address 







Financial Times Monday June 22 1987 


29 


BRAZIL is attempting to come 
in from the cold, but it is far 
from clear whether the world 
at international credit will 
make room for its prodigal son 
at tiie hearth. 

Six months ago. with the 
collaps e of the anti-infiationary. 
price-freezing Cruzado plan, the 
r ' government was forced to give 
market forces free rein. Now. 
a rapid acceleration in price 
rises, many of them purely 
speculative, has left it with no 
alternative but to re impose 
tough. curbs. 

Rices and wages have been 
frozen and government spend- 
ing attacked in the latest 
Cruzado Plan, which differs in 
important respects from its ill- 
fated predecessor and may 
prove to have a better chance of 
survival. Unlike the earlier 
plan, the initial stage — which 
involves a total freeze — is 
limited to a maximum of SO 
days. After that, index-linking 
will be resumed, but with a 
difference: increases will be 
based on past price rises, rather 
than projected inflation. Wage- 
push inflation will thus be 
reduced. In addition, a sharp 
decline in real purchasing 
power since last year win 
reduce the pressure of demand 
on prices. 


The Brazilian economy 

A new but 
fragile 
mood of 
compromise 

By Ivo Dawnay in 
Rio de Janeiro 


Even more importantly, the 
administration appears ready 
for the first time to take a grip 
on swelling federal government 
deficits. 

Two weeks ago, there was no 
sign of such a commitment. As 
the man in the street staggered 
under inflation at an annualised 
1,120 per cent, newspapers 
carried daily reports that the 
Government planned to spend a 
conservatively estimated $20bn 
on top of the budget. 

At the same time, the Govern- 
ment of President Jose Sarney 
was forced to provide $2bn to 
reduce interest charges, on 
debts incurred last year when 
borrowing costs were artificially 
depressed under the old 
Cruzado plan. State govern- 
ments also won billions of 
dollars in federal bail-outs to 
pay wages bills, bloated by 
index-linking. 

Earlier this month, Fiesp, the 
powerful Sao Paulo indus- 
trialists' federation, said in - a 
public statement that the price/ 
interest spiral had left 30 per 
cent of Brazilian business tech- 
nically insolvent. Meanwhile, 
the costs of supporting 
artificially low prices and 
tariffs charged by state sector 
companies rose from around 10 
per cent of the federal budget 
ta nearly 20 per cent 

But the final' straw was 
speculative price mark-ups in 
the shops. Unrelated to real 
wholesale costs and provoked 
by rumours of a new price 
freeze, they fed the inflationary 
spiral. 

This process was d ramatically 
halted just ten days ago by Mr 
Luiz Carlos Bresser Pereira, 
the affable new finance minister 
who succeeded the combative 


Mr Dilson Funaro last April. 

In what is being viewed in 
Brazil as the most far-reaching 
austerity programme yet 
attempted, Mr Bresser took the 
axe to government spending. In 
addition to the new price and 
wages freeze, he cut all extra- 
budget programmes, slashed 
budgeted ones, promised to 
maintain real interest rates and 
gave new powers to the Central 
Bank to curb Treasury extra- 
vagance. 

Several sacred cows have 
been tackled, with real rises in 
artificially low state sector 
tariffs for electricity, steel, tele- 
phones, milk and wheat, a par- 
ticularly sensitive commodity 
which normally enjoys a $L4bn 
yearly subsidy. 

Can it work? Most commenta- 
tors believe the minister has 
pushed austerity to its limits— 
but few can see any alternative 
way oat of the crisis. None the 
less, there is already serious 
concern that, as the Impact is 
felt in the people's wallets, 
pressure from the unions and 
the lobbies will be formidable. 
A one-day general strike is 
planned in protest, and there 
are signs that politicians are 
growing uneasy at the threat of 
a public backlash. 

Inflation in June is expected' 
to hit record levels, possibly of 
up to 30 per cent. But the criti- 
cal test of whether the freeze 
can hold trill come next month 
when optimists hope the rate 
could (bop to only 3 per cent. 

Most of the inflationary pres- 
sure from reduced subsidies 
should have already worked 
through the figures. And though 
prices have still to come down 


in the shops, consumer resist- 
ance is high and working in the 
plan’s favour. The stockmarkeC 
has given its verdict with a 
record leap and interest rates 
are well down. 

Now Mr Bresser has turned 
his attention to the external 
front in an effort to regularise 
the country’s international rela- 
tions and start on the painful 
road to restoring inward invest • 
meat. 

His strategy— broadly an 
attempt to shift the focus of 
the debate on to the inter- 
national lending institutions and 
the Paris Club of creditor 
nations and away from private 
bank creditors— parallels that 
of his predecessor, Mr Funaro. 
But his conciliatory style and 
softly, softly tactics could 
hardly be more different 

Even more important, the 
minister is preparing a nego- 
tiating route that may well 
appear attractive to Mr 
Funaro’s arch-enemies — the 
commercial banks. Whereas 
Mr Funaro took the offensive 
against the banks, declaring a 
moratorium on interest pay- 
ments on $68bn in long term 
debt, the new minister appears 
virtually to be proposing an 

nPianpg 

The Bresser argument goes as 
follows. The international 
lenders — in this case the World 
Bank and Inter-American Devel- 
opment Bank — have tradition- 
ally been the agencies for devel- 
opment, and have always been 
paid both interest and principal 
in full and on time. 

It is therefore, he argues, 
their responsibility — along with 



that of the Paris Club govern- 
ments — to ease the debt burden 
by promoting a positive cash 
flow to Brazil. 

"In the 1960s one third of 
the debt was to the private 
banks and two thirds to the 
multilateral lenders. I believe 
the current situation is not a 
sound relationship," Mr 
Bresser has said. 

Such views are music to the 
ears of the private sector. Less 
melodious, perhaps, is the 
minister’s view that the solution 
on the commercial lending 
front is for Brazil to seek re- 
financing for about half the in- 
terest due over the next two 
years— estimated at about $7bn. 
The other half could be met by 
Brazil out of recovering export 
surpluses. 

To sweeten the pill, Brazil 
looks ready to offer a range of 
options for banks seeking either 
to sell their exposure in the 
secondary market or convert it 
to other forms of risk. Mr 
Bresser insists he would not de- 
mand the mandatory conver- 
sion of interest into principal. 

But Mr Bresser seems un- 
enthusiastic about the increas- 
ingly fashionable option of debt 
for equity swaps. One possi- 
bility is that he fears the 
inflationary effect of the 
expansion in money supply 
which such swaps entail. But it 
is more likely the reluctance is 
a symptom of longstanding 
suspicion of foreign capitaL 

All these proposals, however, 
depend on whether the coun- 
try’s new mood of compromise 
will extend to an agreement 
with the International Monetary 


Fund. All the auguries are 
positive. 

Mr Bresser is now drawing up 
a so-called macro-economic con- 
sistency plan- It has note- 
worthy similarities to an IMF 
letter of intent, incorporating 
two year targets for trade sur- 
pluses, growth and public ex- 
penditure. 

If this is broadly endorsed 
by the Fund, their only re- 
maining obstacle is the ques- 
tion of monitoring Brazil’s per- 
formance. 

Aided by two devaluations in 
two months, Brazil now looks 
on course to achieve a trade 
surplus of $8.5bn this year and 
SXObn next Growth targets of 
5 per cent this year and 6 per 
cent next will be more difficult 
to achieve. But Mr Bresser puts 
a low priority on limiting the 
public sector deficit to 3.3 per 
cent of gross domestic product 
down from an estimated 6.7 per 
cent now, and this may worry 
the Fund. 

The minister himself believes 
that a deal can and must be 
done. "I have to achieve an 
agreement," he said last week. 
"I cannot invent money, or if 
I could it would only be with 
a very deep recession. All the 
bankers I talk to, including the I 
IMF and the World Bank, agree 1 
that this would be absurd.’’ 

But he warns, "both sides 
have got to play this game. 
There is not a very large space 
for debate. The realities of the 
situation are more important" 

Not least of these is the 
threat of social and political 
turmoil in the Western world’s 
eighth largest economy. 


Time to tackle the 


Euro malaise 


THE LATE lamented Harold 
Wincott used to argue that the 
unnecessary resort to Key- 
nesian demand stimulation in 
the fine-tuning days of the 
1950s and 1660s would discredit 
demand management at a time 
when it Would really be 
needed. 

So it has proved. Both the 
Organisation for Economic 
Go-operation and Development 
(OECD) and the Bank for Inter- 
national Settlements (BIS) have 
published reports on the 
, deteriorating world conjunc- 
ture and the disappointment of 
earlier hopes. 

There are two dangers. First, 
1 even if there is no farther 
deterioration, the projected 
growth rates are not enough to 
prevent a farther upward 
creep in unemployment in 
Europe, where it is already 
alarmingly high, and also in 
Japan. 

The unemployment trend has 
been best in the US. Accord- 
ing to the BIS a growth rate 
of 2i to 3 per cent is required 
to prevent a rise in US unem- 
ployment 

In Europe where productivity 
is rising fast, the BIS estimates 
that a real growth rate of 3J per 
cent is required to prevent 
unemployment rising. Euro- 
pean growth has been below 
this benchmark in every single 
year since 1976, and the OECD 
expects the shortfall to widen. 
As a result it expects European 
unemployment to rise by a 
further im to reach 19Jm, or 
11} per cent, by 1988. 

The proximate causes of this 
disappointment are clear. First 
oil producers were quicker to 
cut back spending after last 
year’s oil price fall than oil 
consumers were to spend their 
increased real incomes — al- 
though the BIS is rash to con- 
clude from this that all rapid 
change is bad. Second, the 
Baker “ plan " for debt has been 
treading water and developing 
countries have imported less 
than expected. 

Third, and far away most im- 
portant, Japan and West Ger- 
many and their closest trading 
partners have been hit by the 
rise of their currencies against 
the dollar. The immediate im- 
pact has been amplified by fears 
of a trade war and further cur- 
rency changes, and investment 
has stagnated. 

Hie European jobs outlook is 
quite shocking, irrespective of 
whether it provokes riots or the 
unemployed grin and bear it 
But there is a further downside 
risk. The OECD predicts an 


By Samuel Britt an 

acceleration in US inflation to 
45 per cent even on present 
exchange rates. If there is a 
sharp fall in the dollar, the US 
inflation outlook would be 
worse and it Is difficult to see 
how the US Federal Reserve 
could avoid a sharp rise in 
interest rates, which would hit 
both the American economy 

and the less developed 
countries. 

Even worse, the further 
appreciation of the yen and the 
D-Mark related currencies — 
which is the other side of the 
same coin — would worsen the 
growth recession in the Old 
World to a point where no 
feasible domestic demand stimu- 
lation could make up for falling 
orders in export industries. 

International forecasters 
could be wrong. The important 


German economy had the 
resilience and adaptability of 
the postwar years, the fiscal and 
monetary policies of Stolten- 
berg and Poehl would hardly 
matter. But it hasn't and they 
do. 

What kind of stimulas do 
Europe and Japan need? The 
BIS insistence that It should 
all be fiscal reads too much like 
the central bankers’ trade 
union passing the buck to 
governments. 

But as anyone can work out 
on the heck of an envelope, a 
monetary stimulus will lead to 
more Investment and lower 
interest rates per dollar of 
extra GDP than a purely fiscal 
one. The role of fiscal policy 
is as a back-up if interest rates 
near rock-bottom, which they 
have not yet done. 


GROWTH OF GDP 

japan W. Germany 

nominal real nominal real 


1983 

4 

8i 

5 

» 

1984 

** 

5 

5 

3 

1985 

44 

41 

2i 

1986 

2 

H 

Si 

2i 

1987* 

2| 

2 

3| 

1§ 

1988* 

3* 

2 

31 

2 


* Forecast 


Sourea: OCCf* 


thing is to Mrnminn the balance 
of risks. 

In the US. there are clear 
inflationary dangers. But in 
Japan and Germany inflation 
remains pretty well vanquished 
and the GDP deflator increase 
is in the 6-2 per cent per annum 
range. In other G7 countries, 
inflation is also well below re- 
cent levels. 

Nominal GDP in Japan and 
Germany is now rising by some 
2 to 3 per cent per nntmm, com- 
pared with the 5 per cent in 
Germany and 7 per cent in 
japan, which would be com- 
patible with nan-inflationary 
growth. If stimulation is 
calibrated and targeted in 
nominal terms, there is an auto- 
matic safety catch and there 
cannot be the inflationary kick- 
back tiie Germans fear This 
lesson has still to be learned. 

The tension between the 
unreconstructed Keynesianism 
of most working forecasters, 
who still think of demand 
management in real terms, and 
the unreflective financial ortho- 
doxy of their political masters 
has obscured the message and 
ciistroyed the influence of the 
nternational economic bodies. 

Of course the need to be pre- 
occupied with aominaZ demand 
is a reflection of more funda- 
mental weakness. If the 


As for the threat posed by 
the money and liquidity build- 
up stressed by the BIS: central 
banks just have to be ready to 
switch engines and raise 
interest rates sharply if the 
velocity fall reverses, and 
excess demand becomes a 
greater threat than deficient de- 
mand. They are paid to deal 
with the unpredictable. 

The BIS is on stronger 
ground when it appeals to the 
self-interest of nations rather 
than the general international 
good. Neither the abstractions 
of low growth rates, nor high 
unemployment concentrated 
among regional and ethnic 
minorities, seems to influence 
European electorates. 

The European and Japanese 
governments will act only if 
they are persuaded that their 
ultra-cautious policies threaten 
prosperity and existing jobs, 
not directly but when the inter- 
national feedbacks are taken 
into account. 

The British Government has 
a chance to fill the international 
leadership vacuum by forcefully 
pointing out these dangers. But 
to do so it wUl need to em- 
brace a more sophisticated ver- 
sion of sound finance and good 
housekeeping than anything 
heard on the recent hustings. 


Delayed 

flights 

From Mr P. MacNamara. 

Sir, — The news (June 18) 
from the CAA that many flights 
this summer will be severely 
delayed, causing some reschedu- 
ling at peak times, should come 
as a clear warning to all those 
familiar with delays at foreign 
airports, and who have enjoined 
the current euphoria espoused 
by media and government 
departments for urgent pro- 
gress in the matter of deregula- 
tion of Europe’s air services. 

Some effects of deregulation 
in USA have been the loss of 
40,000 jobs, the termination or 
rescheduling of some 10,000 
flights, and- a daily flight delay 
rate of about 2,000. The current 
UK problem causing the CAA 
announcement is due entirely 
to the proliferation of excess 
and unwanted flight capacity to 
Europe’s holiday spots. Air and 
terminal space does not sepa- 
rate schedule from charter, and 
those who pay the high first 
and business mass fares should 
note that they will find no 
immunity from this year’s air* i 
space chaos, which will be 
companded further if the pro- 
panents of deregulation have 
their way. 

Perhaps the most unfortunate 
assumption about the effects of 
deregulation, in addition to the 
supply of further unwanted seat 
capacity, is that airfares will 
come down. USA basic domestic 
fares upon which all incentive 
fares are based — which there- 
fore include most first and 
business clasa fares — have, if 
anything, increased. For how 
else mm capacity excesses for 
new market expansion at lower 
fares be financed! 

Hie truth about airfares is 
that in the month of June 1987, 
it is possible to buy a return 
scheduled ticket to almost any 
point in continental Europe for 
about £50, in! many cases a 
great deal less. AH it takes is 
a few phone calls. The airlines 
of Europe already operate in a 
highly deregulated environ- 
ment. Their fare-setting, far 
from being a matter of national 
duopoly collusion, is almost 
entirely market led. Most (rf 
them are no longer prepared 
to let scheduled seats depart 
empty on the archaic principle 
that published airfare levels 
must he maintained. Who would 
have thought it possible to fly 
(from Luton) to Dublin on a 
scheduled flight for just £29? 
This is bnt one of countless 
examples of voluntary change. 

Those Britons who provide 
such strong revenue support for 
the world’s airlines should 
reconsider the effects of excess 
liberalisation on their tight 
flying schedules, and they 
should keep in mind that the 
EC purpose is to replace one set 
of fast disappearing rules with 
another which is legally binding 
and which will almost totally 
undermine the good and con- 
tinuing work carried out by 


Letters to the Editor 


Europe’s airlines to provide 
more flexible airfare choices. 
Deregulation in Europe, in any 
form other than that dictated 
by Europe's airlines, will 
restrict choices, increase delays, 
ruin time-keeping, and will not 
lower most core airfares below 
current levels. H there are 
still those who believe dif- 
ferently, I urge them to con- 
sider the facts an both sides of 
the argument 

Airline seats are not butter. 
A nation operating its own 
international airline has its 
prestige, its social obligations, 
its massive investments and 
debts, and its capacity for 
foreign earnings to consider. 
Only the most reckless can 
expect all of them to abandon 
what they have established, 
perhaps over 40 years or more, 
to the urgent interference of 
the Brussels bureaucrats. 

Paul MacNamara, 

38 Woodbine, 

Falmouth, Cornwall. 

Darkness and 
light 

From Professor 
Dr D. MacLaren 

Sir,— In bis review of David 
Thomson's “Naim in darkness 
and light” (Jnne 13) W. D. 
Sholto writes that "after 
centuries fighting the E n gl i sh, 
the Scottish people were finally 
defeated in the 18th century." 

I always thought: the Scots 
King became King, of England 
and just over a century later 
the Scots Parliament voted to 
join in a union with England. 
Perhaps he is referring to 
Culloden. the last battle fought 
on British spiL There the 
Hanoverian army consisted of 
Scots and English troops, while 
the Jacobite army boasted a 
Manchester regiment Hardly 
the final defeat of the Scottish 
people by the English. 

No, Sir, the predominance of 
England since the 18th century 
reflects not military conquest, 
but the greater influence 
within the Union of the richer, 
more powerful partner.- -Scot- 
tish resentment stems from the 
feeling that the English know 
little and care less about Scot- 
land and its problems. 

In the end, the Scots may 
derive some sardonic pleasure 
from the fact that England, 
having failed to build up a 
rival trading block, decided the 
future of the UK lay in the 
Common Market, where it will 
not automatically be the richest 
and most powerful member. 


The medicine Scotland has 
bad to swallow now awaits its 
southern neighbour. Will our 
children and grandchildren 
read of smouldering English 
resentment against Brussels? 

D. M. MacLaren. 

Oostzijde 103, 

1426 A3 De Boef, 

Netherlands. 

The price of 
food 

From Mr W. Jones 

Sir,— Councillor Clarke (June 
18) quite correctly points out 
that the price and use of land 
was not an election issue. Per- 
haps even more astonishing was 
that there was no mention, that 
I can recollect of the price of 
food and yet the policies which 
this- country is forced to adopt 
under the Common Agricultural 
Policy costs an average of £9 
per family per week throughout 
the country. Here, surely, is an 
area in which any Government 
is vulnerable to attack! Bow 
astonishing therefore that none 
of the opposition parties even 
seemed to have noticed this 
colossal burden which is placed 
upon consumers throughout 
Britain and Europe. 

Of course the Liberal Party, 
regrettably, abandoned belief in 
cheap food for the people at 
least 20 years ago. One would 
however have thought that 
i possibly the Labour Party in its 
role of protector, of the under*’ 
privileged, would have -at least 
made some mention of the price 
of food in its election campaign. 
How long are we all going to 
suffer from the gross distortion 
and unemployment throughout 
Britain and Europe which is 
the direct result of the Common 
Agricultural Policy? 

W. A. N. Jones, 

c/o W. EL Jones and Go 

(London), 

Totoer Bouse, 

17 Oakleigh Park North, N20. 

Leeds as an 

example 

From Mr 3. Monty 

Sir, — The article (June 13) 
on the parties’ performance in 
the election contained one flaw. 
Leeds was used as an example 
of the northern cities where 
the number of Conservative 
Members of Parliament had 
been reduced. It was inferred 
that Leeds had only two Tory 
representatives. This is not so. 
Leeds has eight MPs, of whom 
four are Conservatives. The 


only change in the city’s repre- 
sentation was the gain by 
Labour of a seat from the 
Liberals. 

Leeds is actually a good 
example of Thatcherism at 
work. It has a rapidly expand- 
ing commercial and financial 
services sector. The difference 
is that any divide is south- 
north rather than the oft- 
quoted reverse. 

John Mordy. 

Milestone, B recry Lane, 
Bnunfcope, Leeds. 

Achievable 

targets 

From Mr C. Clayton. 

Sir,— Mr L Taylor (June 17) 
suggests that the resources de- 
voted to social services are 
limited hy the economic pros- 
perity of the UK. While this 
is no doubt true in the long 
term, over the next five years 
the limit Is more likely to be 
set by political decisions — in- 
; eluding the (previously con- 
cealed) plan to spend on reduc- 
tions in the top rate of tax 
money which could have been , 
directed against public squalor 
instead of towards private I 
affluence. , 

Christopher W. Clayton, 

Merton College, 

Oxford 

Sharing the 
cake 

From Mr D Collison 
Sir,— Mr L Taylor (June 17) 
“concludes” that the key 
question is “ which policies will 
maximise the economic pros- 
perity of the UK? '* 

He has missed an important 
point. A large cake unfairly 
shared may lead to a smaller 
sum of human happiness than 
a smaller cake. 

David J, Collison. 

18, Whitejauld Road, 

Dundee. 


Overlooked by 
a Skyship 


From Daphne Birch 
Sir, — The photograph of the 
“Skyship over London” in your 
aerospace section on June 9 is 
impressive. Living under its 
flight path, however, is not. As 
it approaches, passes overhead 
and then slowly disappears, the 
noise is considerable. Even 
more annoying is the invasion 
of privacy. Flying low to rive 
passengers a good view of Lon- 
don also means giving them a 
good view of my house and into 
my garden. Last year, I wrote 
to Airship industries to object 
and bad two charming letters 
back assuring me that the ser- 
vice was experimental and of 
short duration. Unfortunately 
for the people on the ground, it 
now seems to be a regular fix- j 
tore. 


Daphne Birch- 

28, Addison Way, NWU. 



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20 



FINANCIAL TIMES 


M$m Foord 


Monday June 22 1987 


waiett 

IS BUILDING 
01 689 2266 



5 


i v r- 


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; t> 

5 ■ 



By Roderick Oram 
in Greenville 

Far from 


Triple 

Witching 


ELLEN PUCKETT could not have 
rareri I bws what Wall Street would 
get op to on its Triple Witching 
Honrs last Friday. The one- woman 
trading of Edgar M. Norris & 
Co., Stockbrokers since 1949, turned 
up for work in her office in Green- 
ville, South Carolina, at 8.30 am just 
like any other morning. 

It had all the makings of a typical 
day in which she would make per- 
haps 50 to 75 trades through her di- 
rect computer link to the over-the- 
counter market and by telephone to 
a Wall Street brokerage house for 
New York Stock Exchange orders. 
Big days, more than 100 trades, are 
usually new issue days. 

Norris clients are investors, not 
short-term traders. They tike to 
give stocks time to appreciate, al- 
though some local ones hanfly need 
nurturing. Ryan's Family Steak 
Houses, for example, has doubled 
in price this year. Once in a while 
someone will trade a few options 
but never as part of an elaborate ar- 
bitrage between securities 
squeeze out a profit 

A world away on Wall Street, the 
hyper-traders were twitchy about 
Triple Witching. The ground rules 
for the once-a-quarter expiry of fu- 
tures and options OD stock fadfcgg 
and options on underlying stocks 
had been changed. No one was sure 
whether markets would suffer the 
price and volume paroxysms of pre- 
vious expirations. 


As ft happened. Well Street ran 
an orderly riot A third of the day’s 
exceptionally heavy volume was 
compressed into the opening and 
closing of the session - 40m shares 
in the first 15 minutes and 30m in 
the last minute- The Dow Jones in- 
dustrial average closed up 12.72 
points at a record 2,420.85. 

Triple Witching’s “effect on our 

istent,” said Mr Jan Schipper, vice- 
president and Dutch immigrant 
son-in-law of Norrififs founder. 
“They like classic, fundamental sec- 
urities." 

While Wall Street's more ratified 
products have yet to travel the 800 
miles southwest to Greenville, its 
intense competitiveness has. “When 
I started there were five local firms 
- one or two-man operations - and 
one New York firm," said Mr Edgar 
Norris, chairman. “Now there must 
be about 100 representatives in 20 
firms." 


They scramble for business in a 
metropolitan area of about 250,000 
people. In the past two weeks alone 
he has received three calls from 
brokers attempting to sell him 
stocks. Having taken Mr Norris’s 
name and number from a telephone 
solicitation list, they were some- 
what thrown to learn he owned his 
own brokerage firm. 

“Its surprising to me sometimes 
that we've been able to survive.” 
What was the key? “Keeping my 
nose dean, for one thing " He has 
also been cautious. Tve never been 
big on the wrong side of thing s - or 
on the right. Tm basically very con- 
servative." On the wall to the left of 
Mr Norris’s desk was a cartoon of a 
man sitting neatly and calmly at a 
desk. The caption read “Steady Ed- 
die." 


Regardless of the competition, 
Mr Norris feels there will continue 
to be many opportunities for a 
s m a l l firm like his. Its radio adver- 
tising stresses its strength as South 
Carolina's oldest, native, full-ser- 
vice brokerage house. 

It feels that size is no impediment 
since computers are great levellers. 
With $30,000 worth of equipment 
and links to a computer service bu- 
reau in Pittsburgh, "we can com- 
pete head-on with Merrill Lynch,” 
said Mr Robert Reber, Norris's 
head of operations. Norris has 38 
employees and Merrill 44^00. 

Mr Edgar Norris Jr., president, 
popped briefly into his father’s of- 
fice to join the discussion. But he 
had to dash off to Hartwell, a town 
of 5,000 people down on the Georgia 
border where the firm is opening up 
its fourth office. 

“I hope it is a good opportunity,” 
Mr Norris senior said. “Its an iso- 
lated old industrial town with some 
people of substance who are not 
covered up by solicitations like over 
here.” 

If the residents of Hartwell are 
wondering how to escape the bro- 
kerage industry’s long reach, they 
could seek advice from Mr Jim 
Pearce, another Greenville native. 
He used to trade stock index fu- 
tures and Treasury bond futures in 
Chicago but “it didn’t take but a 
couple of those Triple Witching 
days for me to get the hell out” 

Now be plots long-term invest- 
ments from computer terminals in 
his Greenville home and his beach 
house down on the Carolina coast 
Come Friday’s Triple Witching, be 
cast off his fishing boat and 
"headed as far out in the Atlantic 
ocean as I could get and I stayed 
there ‘till it was all over" 


Patrick Cockbum returns to Chernobyl a year after the power station accident 

Cleaning up Soviet nuclear act 


THE LEX COLUMN 


SOVIET ARMY reservists were last 
week at work sawing down a small 
pm«- wood contaminated by radia- 
tion a mile from Chernobyl nuclear 
power station. Once the trees and 
topsoil are gone, the area will be 

sanded over and seeded with grass. 

At the power station iself an 
enormous steel and concrete shell , 
which looks like the bottom of an 
upturned ship, is known as the 
"sarcophagus," contains the re- 
mains of the fourth reactor, which 
exploded in the world’s worst nu- 
clear accident on 28 April last year. 

There has been no real danger of 
radiation from the plant for more 
than a year but the results of the 
original accident, which forced 
135,000 people to flee their homes, 
are proving hard to eradicate. Peo- 
ple have returned to only 16 out of 
179 villages and settlements aban- 
doned in the first days after the dis- 
aster. 

Throughout the uninhabited zone 
around the power plant, bands of 
cleanup workers, often wearing 
green military un if or m «nd a white 
surgeon’s mask over the face, are 
monitoring soil, trees and plants. If 
these show signs of contamination 
on radiation meters they are buried 
in vast pits - the Largest of which 
has been nicknamed the Lubumka, 
after the security police headquar- 
ters in Moscow. 

The Soviet authorities have publi- 
cised these efforts over the past 
month by conducting parties of 
journalists on tours of foe nuclear 
power plant and the abandoned 
zone. High priority is dearly being 
given to reassuring ordinary Soviet 
citizens and the rest of the world 
that the Soviet nuclear industry, 
despite Chernobyl, is competent to 
push ahead with its programme of 
nuclear power station construction. 

A new organisation called KmnM- 
xi at has been in charge last 
October of the dean up of the am- 




• ■ • , • : 




*uS*- 




UW. .• .J.- -• 






The damaged fourth Chernobyl reactor in concrete container 


lam in a t ed area, the operati o n of foe 
remaining two reactors at foe pow- 
er plant and reconstruction of a 
third by foe end of 1887. It also 
needs to assure the safety erf its 
own 7,500 strong workforce. 


The Soviet desire to prove that 
foe errors which led to Chernobyl 
will never be repeated is under- 
standable, but the main i m piwarinn 
left by the shuttered villages and 
abandoned fields in which bushes 
are beginning to spro ut is foe 
Iqpgth of time necessary to eradi- 
cate the consequences of the origi- 
nal accident 


Chernobyl itself is a large and 
prosperous village 12 km from the 
power station in the middle of rirfi 
water meadows and woodland 
where in past summers people from 
Kiev, the capital o £ foe Ukraine, 
would come to pick mushrooms and 
fish in the streams. Today visitors 
are told: “Going out in the forest, 
walking on foe grass whig 
open wateipqies is strictly prohibit- 
ed.” 


Workers at the power station it- 
self were mainly housed In Pripyat, 
a town erf 49,000 people, only 5 km 
from foe plant Hay were all evacu- 
ated in three hours by 1200 buses 
and trucks 36 hours after the acci- 
dent and foe town is now desolate. 
Between the ugly blocks erf prefab- 
ricated houses foe contaminated 
top soil has been scraped away and 
replaced with sand, in which grass 
and wild plants are beginning to 
sprout 

On the outskirts of Pripyat there 
Is a cemetery of cars, now moulder- 
fog in foe summer rains, which 
were among the 2^00 contaminated 
vehicles handed over to tte authori- 
ties in return for compensation a fr 
ter the accident 

Mr Alexander Korolenko, chief of 
Kambmafs Info rmation depart- 
ment, says flu** contamination lev- 
els have fallen sharply over the past 
year and people could theoretically 
return to 55 settlements. The prob- 
lem is that not rally must their 
homes and transport Knl™ be de- 
contaminated, with no danger of ra- 


diation increasing, but they must al- 
so be free to work in factories and 

fipHa 

He says about 70 per cent of the 
4JM0 men at foe power station itself 
worked there before the accident al- 
though all specialists bad their 
qualifications retested. He says 
many of them now receive 1,000 
roubles (51,600) for working a 15- 
day-month compared with 400 rou- 
bles before the accident 

Thi? iqnd of dflTigpr money is 
deady attractive because the aver- 
age Soviet wage is 195 roubles a 
month. One worker from Uzbekis- 
tan in Soviet Central Asia said that 
he had done his military service 
working in the zone but took a job 
in KpniMnu t when he left the army 
m May. 

The senior staff at the power sta- 
tion is new. Mr Viktor Bryukanov, 
foe director of the plant at the time 
of foe accident, and Mr Nikolai 
Fomin, the chief engineer, now in 
jail in Kiev, are to go on trial for 
gross negligence in Chemobyfs for- 
mer sodal centre in the first week 
of July. Mr Korolenko says he ex- 
pects they will receive sentences of 
up to 12 years. 

The new managers, many of 
them in their 30s, took efficient and 
confident They are on average 
about 10 or 15 years youngs- than 
foe previous management - in 
sharp contrast to senior directors in 
most Soviet plants where the aver- 
age age is frequently well over 50. 

The Ukraine dearly needs elec- 
tricity from Chernobyl but tins does 
not quite explain the decision to 
keep foe plant going. With three 
reactors operating it will produce 
just 3,000 MW out of total Soviet 
output of 300,000 MW 
More probably the reason is fear 
of the damage to the prestige and 
credibility of the nudear industry if 
Chernobyl were completely aban- 
doned. 


Spanish protests over bombing 


BY DAVID WWTE IN MADRID 

EXPRESSIONS of revulsion over 
Friday's car bomb massaoe in 
Barcekma, including among radical 
Basque circles normally sympathet- 
ic to the ETA organisation, coin- 
cided at the weekend with a grow- 
ing controversy about the authori- 
ties alleged failure to respond to 
warnings made more than 45 mi- 
nutes before foe explosion. 

The death toll rose yesterday to 
17. In the Barcelona district of Sant 
Andreu, whre residents hung out 
red-and-yellow striped Catalan 
flags pinned with Mack crepe fra: 
mourning, thousands took to the 
streets to demonstrate against ter- 
rorism. Another protest march led 
by political parties is planned in the 
city this evening. 

Meanwhile, families of more than 
30 people injured in the attack were 
co nsidering legal action against foe 
authorities and the Hxpercor store, 
where the explosion took place, 
over their failure to evacuate the 
premises despite warnings to the 
police and to a local newspaper, in 


which the caller said foe hypermar- 
ket had also been warned. 

Hem Batasuna {People's Unity), 
the extremist Basque coalition sup- 
ported by ETA, voiced its “most 
vehement criticism” of the .bomb at- 
tack, hut it also nmwwd foe store 
management and the p dfep, wham 
it accused of being “intentionally 
irresponsible." 

It was the first time foe party had 
officially condemned an ETA ac- 
tion, although individual members 
had previously criticised ETA mur- 
ders and kidnappings. 

In European Parliament elections 
on June 10, Hern Batasuna won a 
record 380,000 voters, including al- 
most a third from outside the 
Basque country and about 36,000 in 
tiie Barcelima region. 1 

The presence of active sympa- 
thisers and the possibility of assis- 
tance from the Catalan extremist 
group Terra Lliure (Free Land) are 
among the reasons cited for ECA’s 
choice of Barcelona as a new centre 
for its terrorist activity in the past 


nine months. 

The bombing, winds rtaimpd 
more victims than any previous at- 
tack in ETA’s 28-year history, is 
seen as responding to a new strate- 
gy favoured by the more extreme 
faction in- ETA fin a “qualitative 
leap” in terrorist activity. ETA’s at- 
tacks hove up to now been aimed at 
selected and principally military 
targets, rather than indiscriminate- 
ly against a civilian population. 

Distinct from tire traditional 


“pure nationalist* tendency, the fac- 
tkm is believed to be headed by 34- 
year-old Mr Francisco Mogica Gar- 
memfia, known as “Paquito" or “Ar- 
tapalo," one of a new generation of 
leaders to have taken over from Mr 
"Txranin" Kurbe Abasokj, who died 
in a car crash in Algeria in Febru- 
ary, after being deported from 
France. 

The new ETA hand fine is consid-i 
ered more Maradst-Leninist in or- 
ientation and more open to colla- 
boration with "Euro-terrorist'’ orgar 
nisations elsewhere. 


Seoul Olympics 


Continued from Page 1 


those two decades have seen wide- 
spread bloodshed and protest, no 
games have been cancelled ^ n cp 
the Second World War. 

“Games venues are six 

or seven years in advance,” said Mr 
Palmer. “It is difficult to predict 
where trouble will flare that far in 
advance.” Los Angeles, which 
staged the 1984 games - and made a 
huge profit despite a boycott by the 
Soviet Union and its allies - has of- 
fered to step in and host the 1988 
Games. However, in Lausanne, 
Olympic officials stressed that 
there were “no contingency plans” 
for cancelling or transferring next 


When Seoul was chosen in 1981, 
there was only one other applicant 
Nagoya, Japan. Seoul's bid, the 
committee says, won on "t e c hnical 
excellence." 


summer’s Games. 

Despite charges that the interna- 
tional committee has been naive or 
blind in cho o s ing recent sites for 
the g a me s, it has selected Barcelo- 
na as the venue for 1992. Last Fri- 
day, 15 people died in a Barcelona 
hypermarket hnmh explosion gen- 
erally attributed to the Basque se- 
paratist organisation Eta. 


Since then. North Korea has agi- 
tated for a share trf the action. To 
date, the North Koreans have been 
awarded two sports - archery and 
table tennis - plus some cycling and 
soccer events. They want more. 

A committee d eleg ati on recently 
visited North Korea and will report 
on its observations to the body’s ex- 
ecutive board before the north- 
south teTfec mi July 14 and 15. The 
committee says that ^elements of a 
solution" are in sight 

The Olympic Games have been 
mired in con t ro v er sy and bloodshed 
since the Mexico Games of 1668, 
which saw the slaughter of 260 stu- 
dents. The last three summer 
games - at Los Angeles, Moscow 
atwi Montreal - were damaged by 
boycotts. 


World Weather 


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Express to quit 
Fleet Street 


Continued from Page 1 


No final decision has yet been 
frbw on foe southern print run. 
The company has options on two 
pieces of land suitable for the con- 
struction of a new "green field" 
printing plant. 

The preferred option is, however, 
a joint printing venture with the 
Daily Telegraph on the Isk of Dogs. 
The Telegraph has already reached 
a joint venture agreement with Mr 
Rupert Murdoch’s News Interna- 
tional at its modem Manchester 
printing {riant as part of the padt- 
age. United is also considering 
launching a Sunday version of the 
Star, its downmarket tabloid daily. 


By the end of 1988 Lord Stevens, 
Chairman of United, may be produ- 
rintf his three nntinnal ne w spapers 


ring his three national newspapers 
with a total staff of about 5L500 com- 
pared with the nearly 6,800 he in- 
herited when Express Newspapers 
wore purchased from Fieri; Hold- 


Optimism 
over UK 


industry 

prospects 


By Ftdlp Stephens to London 

BRITAIN'S manufacturing indus- 
try remains confident that its 
strong performance in both domes- 
tic andoverseas markets so far tins 
year will continue through the sum- 
mer. 

The Confederation of British In- 
dustry's latest monthly trends sur- 
vey released today shows that more 
manufacturers expect to increase 
their output during the next four 
months than at any time in foe last 
10 years. 

It follows official figures last 
week indicating that manufacturing 
output has been rising at an annual 
rate of around 4fi per cent in recent 
months, about 1 percentage point 
faster than the economy as a whole. 

The CBI says that industry’s ex- 
port order books have continued to 
swell in June, despite the apprecia- 
tion in foe pound’s value since the 
beginning of this year. That appre- 
ciation has eroded some of the com- 
petitive gains flowing from ster- 
ling's sharp fall during 1988. 

Hie 1,854 companies responding 
to the survey reported that overall 
their order books were not quite as 
strong as in May. Despite that, 45 
per cent expert to boost their output 
over the next four months, while 
only 8 per cent anticipate a dedme. 

Over 30 per cent of companies 
said that their export order books 
were above normal, while 48 per 
cent said that they were at average 

levels and 22 per cent said they 
were below normal. 

The survey also has some encou- 
raging news on the immediate out- 
look for inflation, with fewer com- 
panies than in May exp ec ti ng to in- 
crease their prices over the next 
four months. 

Commenting on the results, Sir I 
David Nickson, the President of the 
CBL said they confirmed the pat- 
tern of the last few months and 
showed that British manufacturers 
were holding their own in export 


markets. 


Waldheim visit defended 


Continued from Page 1 
Vatican said Mr Waldheim had 
been “democratically elected last 
year" and could therefore represent 
his country regardless of any other 
issues, which were not the concern 
of the Holy See. The Vatican then 
praised Austria as “an antique and 
noble Catholic country”. 

The Vatican statement included a 
list of recent speeches in which 
Pope John Paul n condemned Nazi 
atrocities. The most recent of these 
was made eight days ago in War- 
saw, where the Palish-born pontiff 
liras criticised at foe weekend by Mr 
Marek Edehnan, a leader of Solid- 
arity who described the Waldheim 
visit as “very upsetting, unless 
Waldheim plans to confess to the 
pope and tell him the truth”. 

In Rome, Mr Giulio Andreotti, 


the Foreign Minister, last week re- 1 
cerved Mr Karl Gruber, Austria's 
Foreign Minister from 1945-1953, 
who presented a white paper de- 
fending Mr Waldheim against i 
charges that he may be guilty of 
Nazi war crimes. The white paper 
repeats Mr Waldheim's claims that 
he has "nothing to hide” and that he 
does not feel isolated by the inter- 
national community. 


The Italian Government is avoid- 
ing embarrassment by telling Vien- 
na that due to the political situation 
in Rome, the caretaker Fanfani 
government considers all official 
visits by foreign beads of state to be 
"inopportune.” 


President Francesco Cossiga will] 

not meet Mr Waldheim 


When the black 
horse bolts 


t 

i 


) ■ 


And then there were 26. Lloyds 
Bank's Friday night exit from foe 
ranks of gilt-edged market-makers 
(and from the Eurobond trading 
lists too) is a belated justification of 
some of foe pessimism that has sur- 
rounded the new gat-edged market 
ever since it began its overpopulat- 
ed existence. What may have help- 
ed put the in e* of 
Lloyds’ market-making unit was 
foe recent indication by the Bank of 
Fjigland that several newcomers 
were planning to enter the fray 
once foe one-year breathing space 
allowed to foe original participants 
expires next October. At least five 
big Japanese and American houses, 

fnrhwWng miiwb SICCh BS NffiHUIS 

and Morgan Stanley, are likely to 
apply- 

In the nirwimsfamew, competition 
in the market begun to sharp- 
en. Practitioners reckon that prices 
have become closer and foe sales 
effort more aggressive, as the big 
primary dealers seek to consolidate 
their market shares. This may he 
coinciding with a tendency for insti- 
tutional clients to trim back their 
lists of brokers. In the early days af- 
ter Big Bang the major funds were 
inclined to give all the serious mar- 
ket-makers a chance to bmld their 
reputations. Now, however, with 
the new -style market well into its 
second half-year, there is a tenden- 
cy to cut out the weaker partici- 
pants. 

As expected, the market has be- 
come concentrated an a relatively 
small n umb er of the market-mak- 
ers. According to a Bank of England 
hint several months ago, seven 
market-makers were accounting for 
53 per cent of the business in gflta, 
and this polarisation is likely to 
have intensified. Yet crude market 
share figures are by no means the 
whole story. For one thing , profits 
are normally made out of correct 
positioning of the book, and rarely 
out of turnover as sudi. Dealing 
spreads are much too narrow for 
that Far another, there is scope for 
specialisation - in shorts or index 
linked, for example, or in different 
kinds <rf clients, with some primary 
dealers obviously doing sizable 
business overseas, even though 
they are scarcely visible on the do- 
mestic institutional scene. 

Meanwhile, the generally posi- 
tive trend of gilt-edged prices since 
last autumn has helped to avoid em- 
barrassments for others of the orig- 
inal 27. In a bull market, primary 
dealers tend whatever happens to 
make profits on their “back book? 



and, although in theory they can 
earn profits in bearish conditions 
by going short, that is not as easy in 
practice as it may sound. Although 
Lloyds Bank denies that the recent 
market setback led to the decision 
to pull out of gilts, the conditions of 
the past few weeks have been parti- 
cularly testing. Gilt-edged prices 
peaked out at the beginning of the 
election campaign, with yields sub- 
aeq umfly rimig anwwtfiing lika half 

a point And although the election 
was safely won by the Conserva- 
tives, the gilt-edged market appears 
to have worked itself into a techni- 
cally awkward corner. 


Market-makers have built up 
long positions, partly in expectation 
of post-election demand from 
abroad and partly because they 
have feared a shortage of supply of 
stock from a Treasury with a very 
low borrowing requirement Yet the 
foreigners have stayed away in 
droves. And it toms out from last 
week's monetary figures that huge 
in te r v e nti on on foe foreign ex- 
changes has left the authorities 
with a need to mop up excess liquid- 
ity through gift sales. It is just pos- 
sible, too, that Iioyds Bank still has 
some large lines of stock which it 
no longer has use for. 


formula for corporate financial 
statements. 

The Germans stalled for a Jong 
tim<» when faced with the need to 
harmonise with EC directives. As it 
is, German companies will not be 
required to conform with the 
Fourth Directive, incl uding a "true 
and fair” profit statement, until 
they report (next year) for calendar 
1987, and they can defer the impact 
of the Seventh Directive, which pro- 
vides for worldwide consolidation, 
imtn reporting on calendar 1990. 

Because some German compa- 
nies will anticipate these require- 
ments but others will not, German 
reporting could be in a txmfusmg 
state of flux for several years. 

The DVFA has for several years 
a H y m p twt to impose a degree of or- 
der by working out recommended 
adjustments to the raw published 
figures, for example, giving formu- 
lae for amendments to provisions 
for pensions and depreciation. But 
now, in the context of the progres- 
sive implementation of the direc- 
tives, it is being forced to adjust its 
adjustments. 

In partic ular , the DVFA is no 
longer recommending that the net 
increase in pension provisions 
should be added back to earnings, a 
change which on the face of it could 
chop an average 10 per cent off ad- 
justed earnings. 

It must be emphasised that these 
accounting changes affect only the 
perception of a company rather 
thaw its subs tance But try explain- 
ing that to a baffled investor from 
Omaha or Osaka. 


German earnings 


Brokers Phillips & Drew reports 
big interest in their new survey of 
European financial statements, 
which, gives a quick summary of the 
accounting wrinkles in foe major 
Continental countries. 


The general rule is that the fur- 
ther south you go in Europe the 
more seriously companies depart 
from US-style generally accepted 
accounting principles. In countries 
such as Italy and Spain, reporting is 
simply rather undeveloped. But in 
West Germany the opposite is true, 
with a highly complex and legalistic 


If you thought that Sobering's 
earnings per share woe DM 
25, as stated in the accounts, you 
will have had to revise your ideas to 
DM 35 according to the recommen- 
dations of tihe German Association 
of Investment Analysts (DVFA). 
But then, to be completely up to 
date, you will have had to pull the 
figure down again to DM 27. 

A big problem faces the London 
brokers who set out to promote the 
attractions of Continental stocks to 
international investors in America 
and Japan. European reporting and 
accounting continues to be in a 
state <rf considerable confusion. For 
global investors who like nothing 
better than to buDd up elaborate 
databanks and arbitrage between 
markets around the world it is high- 
ly frustrating. 



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A MEMBER OP THE BEA2ER GROUP 


SECTION II - COMPANIES AND MARKETS 

FINANCIAL TIMES 

Monday June 22 1987 


UK 


m TrmDef; Building Materials, 
W Keeling and Plumbing 
■ Equipment lor the 
F Construction and Allied 
r Trades. 

s Northampton 52424. 


INTERNATIONAL BONOS 


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Surprise demand 



fixed-rate Eurodollar issues 


NO-ONE IS seriously suggesting 
that any new money worth speak- 
ing of is going into Eurodollar fixed 
rate bonds. Yet a number of US 
companies over the last few weeks 
have managed to launch new issues 
which have been apparently easily 
absorbed by the market 

Last week, for instance, a new 
S125m seven-year issue for Pruden- 
tial Fun ding Corporation traded 
healthily inside its fees. This fol- 
lowed earlier deals for Ford Motor 
Credit and GMAC which achieved 
similarly solid sales. 

The trend is remarkable, since 
US corporate issues have in recent 
years been the least favoured in the 
market, because of credit concerns 
relating to a wave of merger and ac- 
quisition activity, and declining oil 
prices. US corporate bonds could 
thus be expected to be the first cate- 
gory to come under pressure in a 
depressed period for the Eurobond 
market 

Yet the yield relationships in the 
secondary market between US 
Treasury bonds and seasoned cor- 
porate Eurobonds suggest other- 
wise; they have been narrowing 
markedly over the last couple of 

AII of which might suggest that 
this most beleaguered sector of the 
market was undergoing a process 
of rehabilitation. But dealers' expla- 
nations of the phenomenon do not 
suggest such a sea-change in inves- 
tors’ attitudes. 

Yield spreads in general have 
tended to narrow because the Euro- 
bond market is less volatile than 
the US Treasury market, so that 
price falls there find paler reflec- 
tions in Europe - unless, as occured 
in mid-April, there is a general run 
on the dollar. The relatively better 
performance of the US corporate 
sector in this process is mainly a 
function of supply, dealers say. 

Once it became more expensive 
to fand in Europe than at home, US 
corporate borrowers naturally 
started putting in fewer appear- 
ances in the new issues market 
Since the beginning of this year, 
they have been almost completely 
absent while many ou ts ta n d in g 


bonds have been redeemed as inter- 
est rates have moved lower over the 
past year. 

All this still begs the question.’ 
where is all the buying pressure 
coming from? A common explana- 
tion is that much of it is emanating 
from the US, as the bulk of the 
bonds have become seasoned and 
eligible tor resale across the Atlan- 
tic. 

"As a result, spreads for all US 
sectors against the market compo- 
site have narrowed from their 1986 
highs this year and are trading at 
almost identical yield levels to their 
US domestic counterparts," say an- 
alysts at Salomon Brothers in a re- 
cent report 

Other dealers point to some res- 
urgence of Continental interest in 
dollar bonds as more investors 
come to the conclusion that the dol- 
lar has bottomed out Such inves- 
tors have always been buyers of 
"household name" corporate bonds. 

Their credit choices are not al- 
ways logical. They have, for in- 


GENERAL ELECTRIC - 
B% 1993 fEurBSj 


MUTUAL AMERICA I 
LIFE 7%% 1992 (EuraSM 

^•..X 1 




KLlf* £ 

A 


K 

US TREASURY 
5-Ylr BONO 


stance, tended to prefer double- A 
rated US industrial companies to 
US insurance companies, many of 
which are triple-A rated. 

This is partly because the insur- 
ers’ names are not always readily 
recognised in Europe and partly be- 


cause they have been erroneously 
associated with toe turbulence in 
the US banking sector. 

The disparity between the insur- 
ance and industrial company sec- 
tors is borne out by current relative 
trading levels of bonds by US issu- 


ers. Some insurance bonds are trad- 
ing at levels to provide yields of 
around SO to 40 basis points above 
those on corporate bonds. 

Prudential Funding Corporation 
bucked the trend last week, how- 
ever, when it managed to launch an 
issue at a mere 50 basis points over 
the yield curve, when other compar- 
able insurance companies were 
trading at around 60 basis points 
over. Dealers say this is because it 
happens to be the one insurance 
company whose name is readily re- 
cognised in Europe. 

Despite the success off recent 
deals, syndicate managers do not 
feel that an issuing window is 
opening tor a host of US corporates 
to tap the Eurobond market The 
flow of money into the sector is a 
trickle rather than a flood, and with 
many investors still uncertain of 
the direction of currency markets, 
they are more choosy ftm ever 
about the names that they will boy. 

Such issuers as Ford Motor Cred- 


Tight terms for Czechoslovakia 


CZECHOSLOVAKIA, raising 
5200m through an international 
bank loan at the tightest terms ever 
seen tor an Eastern European bor- 
rower, has been asked whether it 
would like to expand the credit 

An answer is expected this week, 
according to bankers in the five- 
bank lead management group. With 
Syndication almost complete, a total 
of almost 5250m has been raised, in- 
cluding the targeted 5100m from 
toe five-bank lead managemen t 
group headed by Creditanstalt of 
Austria. 

Fifteen banks have so far joined* 
excluding the lead management 
group, which also comprises Rank 
of Tokyo, Banque National de Pa- 
ris, Deutsche Bank, and Fuji Bank. 

Even with toe apparent substan- 
tial support provided by toe Japa- 
nese banks, the loan's success in 
general syndication will probably 
surprise many in the market 

The appointment of the Austrian 


bank, which last month opened a 
representative office in Prague, ruf- 
fled a few feathers in the market 
and the terms - ft point over Libor 
over 10 years with an eight-year 
grace period - disturbed a tow 
more. 

The loan appeared to run into 
more problems when one of the 
original members of the lead man- 
agement group, Soriete Generate, 
pulled out (to be replaced by BNP) 
after differences with Creditanstalt 
over its rote in the credit 


Primary Norkat 

Straight* Corn FUN 
USS 14284 7827 51X1 

Pra* GO&4 3404 XI 
Othor 143X3 34XO 162.0 
Piw 24902 71X5 6X3 

S e co ndary Muring 

USS 17,97X9 22KL2 14,1704 

Frw 2X90X0 1,96X2 W4S7.J 


Both French banks, Creditanstalt 
and Deutsche Bank are all in the 
lead management group put togeth- 
er tor another Easter European bor- 
rower, Hungary. 

The group currently has 12 mem- 
bers. This may be expanded, per- 
haps to 14, even though last week 
the 5400m loan went into general 
syndication, which is expected to 
last until July L The others are 
Alahli Bank of Kuwait, Arab Bank- 
ing Copo ration, Dai-Ichi Kangyo 
Bank, First Chicago, Long-Term 


Itamomr (Cm) 

Other 15451 A 14034 24187 7,1657 
Other Prov 204724 14004 24074 1178X4 

SSn S5 Torn* 

2 444 USS 127514 364264 404844 

3324 Pmv 1876X1 384844 574494 

Other 1143X0 164074 2X74X5 

PiW 1X10X2 2144X3 404404 


X0714 

7JMDJ Woo*: to Juno 18 1987 


Source: AJBD 


Credit Rank of Japan, Mitsui, Mor- 
gan Guaranty and National West- 
minster. 

The eight-year loan has a 5ft year 
grace period with a margin of % 
points over Libor. 

That is toe same margin as an- 
other East European borrower, 
Deutsche AiiKSAnhamtefobprilr of 
East Germany, obtained on a 
5100m, seven-year loan with a 
three-year grace period signed last 
week with a group of Arab h unk*. 

The terms are the finest ever ob- 
tained by East Germany but toe 
credit, ted by the state-owned Ku- 
wait Foreign Trading, Contracting 
and Investment Company, appears 
to have been guided less by hard 
commerce than by the spirit of Ku- 
wait-East German co-operation. 

Even so, the raising of the loan 
was hardly the swiftest KFTCIC 
embarked on the deal last autumn. 

Stephen Fuller 


it and General Motors Acceptance 
Corporation, moreover, were issued 
into the short-end of the yield 
curve, at the three and two-year 
maturities, as syndicate managers 
judged that most investors are still 
adopting a defensive posture. 

Amid the general narrowing of 
yield spreads recently, those bonds 
that have missed out most are the 
sovereign bonds - which have been 
much more popular than corporate 
issues over the last year or so. Yield 
margins over US Treasuries have 
narrowed since mid- April by only 
around 15 basis points at the longer 
end, compared with around 25 basis 
points on corporate bonds. 

Such a movement can only be 
linked to the withdrawal of Japa- 
nese investors, who used to be en- 
thusiastic buyers of sovereign 
bonds. Eurodollar dealers say they 
have hardly heard from a Japanese 
investor since the end of the finan- 
cial year in Tokyo. 

Meanwhile, sovereigns have been 
steering dear from toe Eurodollar 
new issues market, although they 
have put in regular appearances in 
the Euroyen sector; Belgium last 
week became the latest example. 

This is explained partly by the 
fact that the Euroyen sector has tor 
much of the year been a much heal- 
thier market than the Eurodollar 
market, and also by the desire of 
some sovereign borrower s to build 
up their yen borrowings. 

But since the bulk of their issues 
are swapped, toe answer almost 
certainly lies in the extremely at- 
tractive rates that the Japanese 
houses have offering thiwi, 
with which other players cannot 
hope to compete. 

Last wed, almost all sectors an 
toe Eurobond market fell into an 
early summer lull, except for the 
Enrosteriing market, where prices 
were pushed dramatically lower in 
response to the falls in the gilt mar- 
ket, driven by disappointment that 
no wave of foreign buying had yet 
emerged in toe wake of the UK 
election. 

Clare Pearson 


Salomon builds 
up key block of 
HBJ debentures 

BY ANATOLE KALETSKY IN NEW YORK 


HARCOURT BRACE Jovanovich, 
the US publishing company which 
has been fighting off a bid from Mr 
Robert Maxwell's British Printing 
and Communications Corporation, 
appeared to face a new threat over 
tbe weekend with toe disclosure 
that Salomon Brothers had accu- 
mulated a block of debentures 
which could be convertible into 
more than one-third of Harcourfs 
total common stock. 

The Salomon Brothers’ stake, dis- 
closed in a filing to toe Securities 
and Exchange Commission late on 
Friday, could greatly complicate the 
recapitalisation plan which Har- 
court had designed to thwart the 
Maxwell bid. 

Salomon said it had purchased 
toe Mode of debentures, worth 
around 5350m, between May 21 and 
June 12. The debentures are conver- 
tible into 21.9m Harcoort common, 
shares at 534 a share. 

With about 50m Harcourt shares 
currently outstanding, this could 
give toe Wall Street investment 
bank control of up to 35.7 per cent 
of the publishing company. 

While Salomon would not reveal 

its intentMing in iimnnii fating this 

block of securities, toe existence of 
a single holding of this size could 
pose a serious threat to Harcourt if 
it fell into unfriendly hands. 


Prior to the Salomon filing, Har- 
court had asked a Florida court to 
make a judgment suspending toe 
debenture holders' conversion 
rights as part of its recapitalisation 
programme. But Salomon told the 
SEC that it would support the claim 
of the debenture holders’ trustee, 
Suntrust Ppwks of Florida, that the 
conversion rights should be main- 
tained, on modified terms, even af- 
ter the r ef"pifaifcatinii_ 

A hearing on this issue is sched- 
uled to begin today in Orlando. De- 
pending on Salomon's intentions to- 
wards Harcourt, it now appears 
that the court proceedings could de- 
termine the viability of the pub- 
lishing group's defence strategy. 

Uncertainty over Harcourfs de- 
fence has grown on Wan Street as a 
result of toe legal co m plications 
em erging from the recapitalisation 
plan. 

Partly as a consequence, there 
has been mounting specul at io n that 
Harcourt could try a different 
strategy - tor example, acquiring 
another large company to make it- 
self harder tor Mr Maxwell to di- 
gest 

The latest rumoured quarry has 
been Reed International, the Brit- 
ish publishing and paper company. 
Reed's shares were traded heavily 
on the London Stock Exchange late 
last week. 


Squibb buys Cetus stake 

BY LOUISE KEHOE IN SAN FRANCISCO 


SQUIBB, the large US pharmaceut- 
icals manufacturer, Cetus, the 
West Coast bio- engine ering compa- 
ny, have agreed to form a joint ven- 
ture to develop and market biotech 
drugs. As part of toe agreement, 
Squibb will acquire a 5 per cent 
stake in Cetus. 

: The alliance is seen as toe largest 
and most significant to date in the 
I US bio-engineering industry. 


Squibb will give Cetus approximate- 
ly 575m, over five years, for re- 
search and development 

The joint venture will develop 
new drugs for cardiovascular, anti- 
infective and anti-inflammatory dis- 
eases. Both Cetus and Squibb will 
market the drugs. 

In addition, Squibb has agreed in 
principle to purchase 5 per cent of 
Cetus 1 stock for $40 m. 


.! £ 

--- 


V---' * ,'S 


7Ws announcement appears as a matter of record only. These Securities have not bean registered under 
the United States Securities Act at 1933 and may not be offered, sold or delivered in the 
United States or to United States persons as part of the distribution. 


Why is Schraders the 
most active UK manager of 
Equity related Eurobond issues? 


BANQUE INDOSUEZ 

(Succursales de Suisse) 

15,000 Warrants to Purchase Gold 
Offering Price: SF 1380 


Pujongton 

PBUngten Brothers pic 

£35400400 


IC NPhaHnaceuricateyt nc. 

USSTSpOOflOO 


Nippon Gas Co, Ud. 
SwFr5O0OO0OO 

tt>para«LIW»A»DMii«i- ** 


nsmtaTu 


Wyee "techno logy 
US. $45000000 


L uc» Industries In c 

USS83JDOO0QO 

P i >»( WI M. 

Lucas Industries pic 


Goldman Sachs Finanz AG 


Banque Indosuez Succursales de Suisse 




qp 

Ro wntree Mackintosh p fc 
£69000000 


Banque Kleinworf; Benson SA 


Handelsbank N.W. 


Lombard Odier & Cte. 


Chemical N.Y. Capital Market Corporation 


J. Henry Schroder Bank AG 


Swiss Cantobank (International) 


Verwattungs- und Pri vat Bank AG 


Achieving Clients' Objectives Schraders not only 
meets its clients' funding objectives but contributes 
additional value to transactions through expertise 
in tax, accounting and financial structuring. 

Creativity Schraders lead managed the first 
.Eurosterling convertible for a UK company with 
£100 million raised by ICI. developed the put option 
employed in convertibles and has originated a 
number of other structural innovations. 


& Schraders 


Global Placement Capability Schraders commits its 
worldwide investment network to ensure firm 
international distribution with long-term investors in all 
parts of Europe, North America, the Middle East, 
Japan and elsewhere in the Far East. 

Global Management Record Schraders ranks fir*» 
among UK lead managers bothof Equity related 
Eurobonds for UK com p anies and of ~ 

convertible Eurobonds for US corporate issuers. 
Schraders is also the most active UK manag er 
Japanese Eouitv linked Eurobonds. 

Su«a>cal Wonmttton taken bom Exrononey Bondware. Jenuaqr 1382 to Apii 1967, 


April, 1987 








0 Financial Times Monday June 22 1987 


22 


INTERNATIONAL CAPITAL MARKETS and COMPANIES 



Benedetti widens Ferruzzi links 


BY ALAN FRIEDMAN IN MILAN 

MR CARLO De Benedetti, the Ital- 
ian e n trepreneur, is planning to 
reinforce his shareholding and busi- 
ness alliance with Ferruzzi, the Rft- 
venna-based agro-industrial con- 
cern which aisft controls the Monte- 
dison chemicals group. 

It was learnt yesterday that Mr 
De Benedetti has agreed to sell, for 
an estimated LI8bn (SI 36m), half of 
-bis 18.9 per cent equity stake in Eu- 
Tomobiliare, the Milan investment 
ha Tib, to Mr Raul Ganfini, the Fer- 
ruzzi chief. 

The transfer of part of his Euro- 
mobiliare stake to Mr Gardini is to 
be followed by two other d 
Tuentft. The first is that Mr 


ni's Ferruzzi will acquire a symbolic 
shareholding of around IL5 per cent 
in CIR, one of the main De Benedet- 
ti holding companies. The second 
will see the formation of a new 
stockbroking firm, to be owned 
jointly by the De Benedetti group, 
Ferruzzi and Euro mobili are. 

The above three deals are seen in 
Italian finance as a significant 
move to strengthen the De Benedet- 
ti-Gardini alliance. Other joint ven- 
tures, especially of a financial na- 
ture, are likely to follow. 

The wWwTiM was launched last 
October when Mr De Benedettf s 
Sabaudia holding vehicle trans- 
ferred a key 316 per cent equity 


stake in Montedison to Ferruzzi, 
hoi ping Mr Gardini to build up his 
control. The De Benedetti group 
then took a 5 per cent shareholding 
in Fterruzzi's Agricola main balding 
reimpnny sod 10 per cent of Silos, 
the Ferruzzi grain trading and sto- 
rage business. 

It is expected that the stockbro- 
king business being setup in Milan 
by Mr De Benedetti and Mr Gardini 
will handle separate and joint in- 
vestments for the two groups. 

CIR, meanwhile, is believed to be 
planning to raise S20Qm on the in- 
ternational capital market tty 
r uffles of a seven-year bond issue. 
• Will Samuel, the UK merchant 


bank, is paying a no minal Llbn to 
acquire a 10 per cent shareholding 
in Sofipa Intennediazione, a Milan 
investment comapany which is 51 
per cent controlled by a merchant 
banking venture launched last year 
by Mediocredito Centrale, a state 
medium- LfcrVn corporate fiwannp in- 
stitute. The Hill Samuel venture is 
designed to bring toe UK bank into 
deals where Sofipa. acquires minori- 
ty s har eho lding s in unquoted com- 
panies and to position HIS Samuel 
to earn commission income on 
whatever outward flow of Italian in- 
vestment develops as a result of the 
recent relaxation of exchange con- 
trols. 


American 
Express raises 
LDC reserves 

By Wifllam Had In New York 

AMERICAN EXPRESS, the finan- 
cial services conglomerate, will re- 
port a second-quarter loss of S56m 
after faking a 5520m charge to 
cover a quadrupling in the ban loss 
reserve of its American Express 
Hawk s ubsidiar y. 

American Express, which earned 
S252m in the first quarter of 1987, 
announced that it was adding 
SflOOm to the reserves for loans to 
less developed countries, primarily 
in Latin America, of its internation- 
al hwnlring subsidiary. 

: As a result of this action, the 
-bank’s loan loss reserve will total 
$7 95m which represents 38 per cent 
of all Latin American loans, 32 per 
cent of aU refinancing country 
loans and 10.6 per cent of aU bans 

- m i faitflnH Tiig - 

. The group's second-quarter loss 
-of SSOm would have been consider- 
ably higher but for a S142m after- 
tax gain on die sale of 18m shares 
of its Shearson Lehman Brothers 
subsidiary in May. 

The group says that the compa- 
ny's consolidated earnings for 1987 
are expected to be “among the besT 
in the company’s history. 

Mr James Robinson, chid execu- 
tive of American Express, said that 
the action, which corresponds to re- 
cent moves by se v eral V«Hmg 
banks, “allows a new .level of flexi- 
bility in our continuing prog ramm e 
to manage the LDC debt portfolio of 

American Bypr ess Wank. 


Greyhound Lines to buy rival 


BY ANATOLE KALETSKY Hi NEW YORK 


GREYHOUND LINES, the leading 
US bus company, which was threat- 
ened last year by airfare wars and 
the king-term decline in bus travel, 
is planning to buy TraUways, its 
main competitor. 

The deal would create a near- 
monopoly in bus transport through- 
out much of the US. 

The agreed acquisition of Trail- 
ways for S80m, if approved by toe 
Interstate Commerce Commission, 
could he the key to the strategic 
plans of Mr Fred Currey, the Texas 
entrepreneur who bought Grey- 
hound Lines for $350m from grey- 
hound Corporation three months 
ago, amid widespread scepticism 
about the futu re of long-distance 
bus travel in the US. 

The deal agreed with TraUways, 


a privately-held company, will in- 
dude a commitment by Greyhound 
to maintain ser v ices where Trail- 
ways has a monopoly, but will in- 
volve the purchase of only 450 
buses out of TrafiwaysT fleet of 
1,200. Mr Currey said no decision 
had been made about the future of 
Traflways %200 employees. 

Bus transport to smHii communi- 
ties beyond the reach of airlines is 
generally wnriiipfai a potentially 
viable business, particularly after 
the steep pay cots Mr Currey has 
managed to force on Greyhound's 
employees since the acquisition. 

There has been considerable 
doubt, however, about Mr Carrey's 
apparent determination to 
Greyhound in the long-haul 


business, running frequent sched- 
uled services on the 72-hour run 
from New York to Los Angeles, for 


By e limin ati n g Traflways as a 
competitor for the limited number 
of passengers on the main long-dis- 
tance routes, Mr Currey would ap- 
pear to stand a better chance of 
maintaining his group’s profitabili- 
ty- 

Yet with continued fare cutting 
this su mmer - despite the recent 
wave of mergers in the airline in- 
dustry - there has been little let-up 
In financial pressure, leaving Trail- 
ways easy prey to Mr Currey’s ad- 
vances, and increasing the likeli- 
hood of regulatory approval for the 
proposed merger. 


McDermott plunges 
in loss of $ 260 m 


BY OUR NEW YORK STAFF 

McDERMOTT INTERNATIONAL, 
The New Orleans-based energy ser- 
vices group, suffered a net loss of 
$2B0m or SI.03 a share in the latest 
quarter, after a net provision of 
91224m related to the closure of its 
seamless tubular materials busi- 
ness. 

The loss for the quarter, which 
ended on March 31, compared with 
a profit of Elm, or 57 cents, a &are 
the year before. 

For tiie whole of the 1987 fiscal 
year, the company made a loss of 


5102m or 52.77 a share, compared 
with a profit of $59m or 51.60 in 
1986. Revenues in fiscal 1967 were 
up 6 per cent at $&29hn, compared 
with SS-llbn the year before. 

Before extraordinary charges 
and accounting adjustments 
McDermott’s net income from con- 
tinuing operations inc reas e d in fis- 
cal 1987 to S87m from 583m. 

Mr James Cunningham, McDer- 
motts Chair man, said that all the 

profitability remained fmdpr pewere 

pressure 


HK bank sees 
higher dividend 

By Our FtaenaH Staff 

HONGKONG and Shanghai Bank- 
ing Corpor a tion has reiterated 
plans for an increased dividend this 
year despite having to share in 
losses at its Marine Midland Bank 
subsidiary in the US. 

Marine Midland, the lOth-largest 
.US bank holding company, said last 
week it was making a S400m provi- 
sion against Third World loan 
losses, swelling its total ban-loss 
reserve to 5683m. 

The banks say that no conditions 
have been placed on the opening of 
representative offices by foreign 
brokerage houses. 


Japanese 
banks seek 
rights for 
offshoots 

By Yoko Stdbota In Tokyo 

TWELVE LARGE Japanese city 
(commercial) banks have petitioned 
the Ministry of Finance to allow 
their overseas securities subsidia- 
ries to establish representative of- 
fices in Japan. 

The hunks have also proposed up- 
grading their representative offices 
to full brokerage subsidiaries at a 
later stage. Under Article 65 of the 
Securities Transaction Law, which 
was closely modelled on the US 
Glass-Steagafl Act, Japanese banks 
are not allowed to engage in securi- 
ties business. 

The banks’ petition follows the 
ministry’s decision on June 3 to per- 
mit 10 more foreign securities com- 
panies to enter the brokerage busi- 
ness in Tokyo, including four bro- 
kers affiliated with US commercial 
banks. 

The Japanese banks argue that, 
sinrp the brokerage licences were 
issued to subsidiaries of US banks, 
which are subject under Japanese 
law to the same prohibition against 
brokerage business, the ministry 
has no grounds for stopping the 
Japanese banks’ overseas broker- 
age s ubsidiarie s from establishing a 
presence in Japan. 

The ministry’s approval of a To- 
kyo representative office for Au- 
brey G. Lanston, the US govern- 
ment securities primary dealer af- 
filiated until the Industrial Bank of 
Japan, has excited Japanese bank- 
ers. 

The minis try has not so far per- 
mitted an overseas securities affil- 
iate of any Japanese bank to move 
into the Japanese securities mar- 
ket But officials say Lanston does 
notfaH within the category of secu- 
rities companies under Japanese 
Ira, noting that the company is reg- 
istered with the US Securities and 
Exchange Commission as a special- 
ised dealer in US government secu- 
rities. 

fe aR 24 Japanese banks, includ- 
ing city, longterm credit and trust 
banks, have 28 securities subsidi- 
aries overseas. The letter to the 
ministry argued that Japanese 
banks had been operating securi- 
ties business through their subsidi- 
aries in the UK and Switzerland 
sinrfl 1973 and had established solid 
and independent securities opera- 
tion overseas, the banks said. 


NEW INTERNATIONAL BOND ISSUES 


Barrawers 


USDOUARS 
Victor Co. of Japan VS 
Vidor Co. of Japan V 
Dbkwb Dandd US 
Matsuya Co. Ltd. Us 
Kansoi Paint 
Tokyo Cop. 113 
ftd&DunlreSS^ 

ul I/ 

ToraatoOoniinmn Now York be. S 

Pasco Corp. 


Annual 

m. 

Ntauuiey 

to. fife 
yews 

50 

1994 

7 

108 

1992 

5 

188 

1932 

5 

5B 

1992 

5 

60 

1992 

5 

150 

1992 

5 

75 

19S7 

10 

50 

1992 

5 

GO 

1992 

5 

50 

1992 

5 

40 

1992 

5 

4G.475 

1989 

2 

85 

1992 

5 

50 

1932 

5 


«Jb 


Price Book Rawer 


Offer yUd 
% 


2% 180 Yaaakfai fat (Ear.) 

14b 100 Nanora bit (Ear.) 

1% 100 Known tat. (Bo.) 

1% 108 Dam Europe 

1 i /2 180 YwaabU Sacs. 

Vi 100 Yawrid* tat. (Ear.) 

wva lee csre 

14b 100 Bawa Eorapo 

100 Ywoicto fat (Ear.) 

(1%) ISO Yantucb tat (Ear.) 

Ilbb) 100 Yanabki tat (Enr.J 

9.83(b) 98.584 Satanoo Bros./ Masai TsL 

(14b) 100 Bnwoalnt 

(1%) 108 J.H. Under Wago/Cmn Sees. 


2.758 

1J75 

1.375 

1.375 

1J80 

B.875 

8.750 

1-375 

1.525 


10.653 


USDQUA8S 

AegonH.V.3 

Prudential Flatting Cotp. 3 

Nippon 03 and Fats H 

108 

125 

70 

1990 

1994 

1992 

3 

7 

5 

8V* 

8 % 
tw 

191 

191% 

ICO 

GaUaae Sads faff. 
PrwLBacbe Cap. Fandfag 
YaeaSda tat. (Ear.) 

7JBB3 

9.457 

D-MARKS 

Malaysia t 

act 

158 

255 

1994 

1993 

7 

5 Vi 

GVe 

H 

108 

1B9J5 

pBUtscbe Bank 

Morgan Stsotay GMBH 

6258 

m 

SWISS FRANCS 

Sunstar he.** §Z 

Toko Inc.** 5* 

Den Nwsta Craft Bank $>* 
Paigesa HoUbtgs SA2 

Olympic CaDd. *8 

Tntar Wasssnmfca 

SHV Hnfetogs NVS 

EJBS 

55 

GB 

50 

108 

50 

100 

190 

200 

1992 

1992 

1994 

1995 
1992 
1997 
1994 
1997 

- 

% 

Vi 

2 Vi 

4% 

(1) 

4% 

4% 

44b 

160 

IBS 

199 

198 

• 

• 

190 

IBOVe 

Ctorik&sna 

Craft Snsse 

Bk. Gutzw3tar. KB 

Banqot PaAas |Srin) 
Hstgan Stariey SA 
CratfitSafeae 

UBS 

UBS 

UM 
0566 
2 .500 
4,750 

4.758 

4.718 

FRENCH FRANC 

EEC 2 

500 

1997 

n 

84b 

98bb 

Bga. fiMtasaoz Cop. Mbs. 

BJte3 

LUXEMBOURG FRANC 

Nobel Industrie* HUng** * 

308 

1992 

5 

7Vt 

108V* 

Bangae Ptoflas (Im) 

7.438 

AUSTRALIAN DOLLARS 

50 

1998 

3 

14 

lOIVb 

Deutseto Bk. (tap. M& 

13J61 

National Austrafa Bank S 

SB 

199 2 

£ 

14 

tom 

Brim Bard Back 


World Bank * 

urn 

1992 

5 

13% 

101% 

Hanbras 



CANADIAN D0UAAS 

GZ Books 

75 

1993 

5V!t 

9% 

SNCF3 

90 

1991 

4 

94b 

IBM Canada t 

IM 

1992 

5 

m 


;;;£ ss 

101 Vi Orion Royal Bonk 9.113 


YEN 

Uncoin Savtr^sand Loon Assoc. 3 
Korean Electric Power Do. 1 


Bergen Bank t 
NZLCap. Cup. 


7bn 

1092 

5 

4% 

191% 

Bcp. PwSas/BJ tot 

IJSba 

1993 

6 

4 Vi 

1014b 

Daiwa Europe 

SOn 

1991 

4 

4% 

101 Va 

Daton Europe 

5ta 

1992 

5 

(C) 

Mb: 

BUkn. 

lOte 

1BS2 

5 

14 

108 

Nfliwra 


4381 

4.235 

4.038 


ECU 

Wacosi Corp. It 
Watt Bank: 


80 1992 

190 1994 


W» 

TVt 


100 

IHIVb 


Bqe. Paribas Cap. Mbs. 
Mayan Guaranty 


1.508 

7.220 


STERUNG 
Ball Group NY fix 


75 1997 


19 


IBS SBO 


5JM8 


' Not yet picad. 2 final form. " Private ptocamL H Witfe equity warrants. § ConwtMa. t Heating rata note. 0 With goU caB and pat 
warrants, (a) Va over 6 nontb Hnr rats, (b) 9.83 b first year, rasnt at BJJ03 b 1988 and 1986. (c) GO bp baton tong tern Jap. pnn rata, 
pa yme n t taari-aaoualy. (d) Coupon rises from 0 in yaw 1 to 74b to years 4 and 5. Kota: Yields an bas ed on AMJS toss. 


FCA may be broken up and sold piecemeal 


FINANCIAL CORP of AMERICA, 
the US savings and loan group 
which has been struggling to recov- 
er its hafanre, may be broken up 
and sold in pieces. Renters reports 
from Los Angeles. 

Mr William Popejoy, FCA’s chair- 
man, said: “It is highly conceivable 
that tiie read estate portion (of the 
company) would be handled as a 


separate matter ... it really de- 
pends an the acquiring entity." FCA 
has already «nn< ”rnnad that it has 
been holding talks with possible 
acquirers. 

It is possible that a buyer would 
structure a deal aimed at acquiring 
only tiie company’s savings and 
loan operations and selling off its 
property interests, Mr Popejoy said. 


Such a transaction has been dis- 
cussed in a conceptual way, Mr 
Fapejoy added. 

Financial Corp- parent of the 
group which is the largest US sav- 
ings and loan association, is now 
holding discussions with four inter- 
ested parties, but the talks are still 
in the preliminary stage. 


How much do you really know about 

SWAPS, EUROBONDS, GILTS, 
CURRENCY OPTIONS AND 
FOREIGN EXCHANGE? 


financial 


Financial i is Europe’s leading producer of training 
and infarniaffon Sms designed specifically for the 

nteniatlonal financial cocmiunity. These 
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on IBM pcs or clones. There are supporting 
hanmiooks, incorporating worked examples and 
Questions and answers. 

A series of programmes on Swaps, Eurobonds, 
Currency Options, Foreign Exchange and Gffls are 
currently on release. Each is designed to fam«arise 
f? ^management and staff with the workings 
oftaese different markets and techniques. Every 
programme is packed with information and graphics 
w® Prow invaluable to bankers, accountants, 
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o—- * ^ 

How can you find out more about 

SW APS, EUROBONDS, GILTS, CURRENCY OPTIONS & FOREIGN EXCHANGE? 

ask for a demonstration of any of our products by 
ringing David Greber, Michael Young, or GabrieDa Orsi NOW on 01-351 6955 

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ffi fob 01-351 6955 telex: 8951182 GECOMS G 



This announcement appears as a matter of record only. 

CSX Corporation 
U.S'$25Q,G0G,000 

Extendable Note Issuance Facility 

Arranged by 

Chemical Bank International Group 

Provided fay 

Algemene Bank Nederland N.V. 
Amsterdam-Rotterdam Bank N.V. 

Barclays Bank PLC 
Chemical Bank 
Credit Suisse 

The Long-Term Credit Bank of Japan, Limited 
The Mitsubishi Bank, Limited 
National Westminster Bank Group 
The Sumitomo Bank, Limited 
Westpac Banking Corporation 

Tender Panel Members 

Algemene Bank Nederland N.V. . 

Barclays De Zoete Wedd Limiters 
Chemical Bank International Limited 
County NalWest Capital Markets Limited 
Credit Suisse First Boston Limited 
EBC Amro Bank Limited 
LTCB International Limited 
Merrill Lynch Capital Markets 
Mitsubishi Finance International Limited 
Morgan Stanley International 
Shearson Lehman Brothers International 
Sumitomo Finance International Limited 
Westpac Banking Corporation 


£ 


ft 


Facility, Issuing & Paying 
and Swingline Agent 


Tender Agent 


* 


Chemical Bank Chemical Bank International Limited 


March 1987 


Chemical 

Banc 


[I&MSK0G0© 


I 




















) 


22 


% 


--Financial Times Monday June 22 19B7 


INTERNATIONAL CAPITAL MARKETS 


23 


£ 

<3 



seal 








■j;v 


US MONEY MARKET RATES <%) 

Last 1 wnk 4wki 
Frid^r »S» ago 


— 12-TOMrih — 

High Lm 


JW F«WJ* (Hcddumtagt] . 

Ttw W H U B tt r 


Th m -mw iU i prim. CPi 


90-day Commercial Paper 


20-yvxr Treasury 

MkMfTmcmT 

Hew 10-year “A” Financial . 
Hew “AA“ Uma *tmty „ 
Hew “A 1 * Loop industrial , 


609 

6.70 

632 

1154 

5.71 

505 

554 

554 

652 

501 

5.91 

506 

633 

636 

506 

6.93 

6.95 

70S 

735 

506 

606 

600 

6.90 

7.70 

555 

6.91 

60S 

705 

705 

505 

ES AND YIELDS {%) 



Last 

Cf—UX 

1 wnk 

4vt> 

Frt. 

on «fc 

YMd 

>00 

*0+ 

1B5£ 

■va 

534 

037 

802 

107% 

+4 

856 

850 

904 

102 tZ 

+& 

807 

809 

8.92 

wa 

aim 

900 

930 

9.75 

a/a 

ala 

930 

9-50 

2030 

ulm 

at* 

9.70 

930 

1000 


Soorce; Salomon Bras (est ima tes). 
Mimw Supply: la Cm weak 


Hdtd Jana 8 m fsB by SStm to S74S.7&B 


NRI TOKYO BOND INDEX 


December 1933 => 100 


Average 

IPlcM 

1B/6/S7 {%) 


■ PERFORMANCE INDEX- 


12 vrta 26 vita 

PRO W 


148.77 3.92 14136 13845 131. 5 3 


Gfci 


Boric Debs 


Corporate Bonds , 


Yrn-denoaihiatefl Faction Bomb 


143410 144 

14020 440 

141.15 4*7 

13120 1S2 

13014 5.10 

139415 64# 


143*9 159*1 132*9 

14048 13844 131-85 

14133 13947 13282 

13528 13281 127.99 

13020 15636 13009 

139.68 13735 13264 


— 4-27 


539 


Source: Nomura Research institute. 


•jfcML 


US MONEY AND CREDIT 


rad market re 
as inflation 


ains its composure 
fears recede 


THE US bond market is 
gradually regaining its com- 
posure, as investors begin to 
suspend their disbelief in the 
new-found stability of the 
dollar. 

Hopes are running high for 
a quick return to the 8 per cent 
yield level which has been seen 
as a market floor for almost a 
year before the debacle of 
March and April. 

With the Treasury long bond 
yielding 8.47 per cent on Friday 
at a price of around 103. it 
would take a further improve 
ment of just over 4 full points 
to push the yield below the 8 
per cent mark. If only the 
dollar could be relied upon to 
live up to its new robust image, 
there would be no problem in 
predicting a rally of this magni- 
tude before the end of summer. 

The market’s inflation fears 
appear to be receding almost 
as rapidly as they developed — 
at least in the sense that 
expectations of 5 per cent infla- 
tion are now so widespread that 


they are taken for granted and 
seem to have lost their power to 
shock. The producer price 
index reported the week before 
last was somewhat better than 
expected, while the wholesale 
index for finished consumer 
goods, considered a good proxy 
for retail prices, increased by 
only 0.3 per cent in May. 

Steady growth 

Meanwhile, the news from 
the industrial economy has con- 
tinued to present a picture of 
slow but steady growth, with 
neither significant acceleration 
nor recession in sight Last 
week’s upward revision of first- 
quarter GNP figures from 4.4 
per cent to 4.8 per cent, and the 
robust 0.5 per cent growth in 
industrial production, were not 
seen by bond investors as por- 
tents of a wozryingly strong 
economy. Rather, the bond mar- 
ket took them to be somewhat 
bullish signs, since much of the 


FT/AIBD INTERNATIONAL BOND SERVICE 


US DOLLAR 
STRAIGHTS 
A6N Bank 6% 91 
Aetna Life & Cas 73, 16— 

AHFCQ/SFInU.%94 

AIDCUB9 


Ala»AaSJaliall42 — 
American Exsk 124 88 . 
Allan Dev 6k 11X93 - 

Australia 11% 90 

AubaMa 11% 00 

Ausuia Zero 95 


Gfc ri Mourn! xw* 91 

Bank of Tokyo 8% 9b 

Bate of Tokyo 11 90 

Bank of Tokyo 11% 90 — 

Bank of Tokyo 13% 89 

Barclays Jersey 104 9Q_ 
Barclays Jersey 104 95- 

Belqlum 74 91 

Belgium 7X91 

Betawesi Prop 7493 

BFCE 7% 93 


Bk Nora Scotia 134 67 — 

BNP 8X93 

BNP 13*2 89 


BP Capital 94 93 — — 

8P Capital 114 92 

Br Col Hydro 104 98 — < 
Br Col Hydra 114 93 — 
Campbell Soup 104 95 . 
Canada 10% 88 , 
Canada 11 4 90 


Canada Imp Bk 16% 91 — 
Can NamiRaU 14491 — . 
Canadian Pacific 74 96—. 
Canarian Pacific 10% 93. 
Can Pacific Secs IS 89— . 
Canadian Wheat 11490 - 

CCCE7491 

Centrist S&LO 10 — 

Chevron USA 12% 89 

Citicorp 11% 92. 


Colgate-Palmolive 94 96. 

Com Bk Australia 10 93 
Com Bk Australia 12% 89 

CDoUnontal Grp 114 93. 

Cracker National 104 88 

Dm Kraft A 104 % SW 

Denmark 098. 

Denmark 7 88. 

Denmark 10% 90. 

Denmark 114 92 

Denmark 13 92 XW — 
Denmark 134 91 

Deutsche Bk Fin 134 B9 

0 KB Asia 84 91 - — 
Dutch St Mines U%91 — 

ECSC789 

EC5CB496 

EEC 94 90 

El B 7% 93 

EIB 8% 68 

EIBSX 88 ■■■■ 

El B 8X S3 

EIB 94 93 

£1810494 

EIB 11 91 

EIB 11491 


EIB 114 
EksportfH 


S 094 

Elec de France 104 95 A. 
ElecdeFrl4489XW— . 

Eli UUy 10490 

Emerson Elec 9% 95 5W-. 

Engelhard Corpn 114 92 

EguloMe life 104 92— . 

Enroflma9496 

Euroflmal2489 

Export Bevel 1090 

Export Devet 104 88 

Export Dev* 114 89 

Export Bevel 12 B9 

Exxon Fin 104 89 

.Farm CredK Crpo 74 93 MO 
Finland 12% 94. ~ 


tuned price 
150 96% 

200 9*4 

100 1014 
75 1024 
BO 1024 
ISO 1044 
100 109% 
100 ]fi6 
MD 109% 
190 47% 

ISO 104% 
100 954 

125 U6* 
100 1094 
100 UO% 
250 104 
250 196% 
250 96 

300 974 
150 954 

100 92% 
100 1004 
125 97% 

150 109% 
150 103% 
150 106% 
200 UU4 
200 U24 
100 1074 
500 1034 
500 107% 
100 110% 
100 108% 
100 92 

100 1054 
75 n«s 
50 1014 
US 94% 
2IM 18% 
MO 101% 
190 103% 
MB 100% 
MO 1044 
100 1064 
75 1004 
75 1014 
100 1024 
250 35 

00a 98% 
1M 101% 
100 1094 
MO 1614 
MO 1X4% 
200 109% 
10* 97% 

ISO 102% 
79 984 
MB 944 
350 102% 
156 94% 

100 9*4 
50 994 

303 99 

as® 99% 
200 1054 
125 1084 

73 107 
360 534 
100 104% 
200 UO 
150 1074 
100 1034 

100 1054 

100 103% 
300 3014 
75 107% 
300 1044 
300 1014 

350 104% 

100 107% 

290 1004 

95% 


Cfagoa 

week 

+1 

+04 

+ 0 % 

+04 

+04 

0 

+ 0 % 

+ 0 % 

+2 


+04 

+ 0 % 

+04 

+04 

+ 0 % 

+6% 


+ 0 % 

+04 

-04 

35 

+14 

0 

+04 

+o% 

+04 


+14 

+fj* 

+04 

+04 

+04 

+£» 

+04 

a* 

+04 

+04 

+04 

♦•% 


0 

T 

+0% 

+04 

+ T' 

0 

♦i *% 

+£* 

+04 

+04 


+04 

+04 

+ 0 % 

+1 

+«% 

+04 

+04 


Fort Motor 10% 93 . 

Foremans 8% 91 .— 

Fuji Bk & Tst 7% 91 

For Inti 10% 90 


75 1X6% 
ISO 1054 
100 99% 

1M 95% 

. _ , MO 105% 

Gaz de France 12% 93 175 114 

Gen Elec Cred 9% 91 MO 10Z4 

Gea Elec Cted 10% 90 — 2M 103% 

Gan Elec Cred 12 94 200 U84 

Getty OB 14 69 . 125 974 

GMAC 10 88 200 100% 

GMAC 10 92 — 250 103% 

Gram Finance 13% 89 — M0 1044 

Golf Canada 14% 92 UO UD% 

G28 14 91 100 US 

Hiram Walker 16 89— 75 109% 

Mil Air Fin 12491— - MO M2% 

IBM 9% 88 200 108% 

IBM Credit 10% 09 300 101% 

IBM Wrfd Trade 124 92 200 108% 

1C Industries 1290 75 1044 

loco 9 92 MO 974 

Ind Bk Japan 10% 92 , 109 1044 

Ind Bk Japan Flri 8 93 15® 954 

Int-Amer Dev 12% 91 — 150 1 34 

lot Paper 1291 75 102% 

I Pf 12492..— — MO 196 

Italy 8% 91 MO 203% 

Italy 9% 96 ISO 1004 

ITT CredH Corp 104 90 J3 1024 
Japan Air Lines B4 9b — 150 934 

Japan Dev Bk 10 92 MO 1014 

Kellogg Co 10% 90 103% 

Liberty Mutual 84% ISO 9S% 

Lockheed Corpn 74 89 150 98% 

Long Term Cred 10% 90 MO 105% 
Long Term Cred U 90— - 200 J«% 
Long Term Cred 11% 89 100 1054 

Marimba 74 9b 150 

Marimba B% 91. 1M 

Manitoba 13% 89 — MO U^s 

Marts & Spencer 84 96 ISO 954 
Marubeni U% 91 — MO 106% 

Mercedes CredK 74 « — MO 94 

Mercedes Credit 74 93 — MO 95% 

Merrill Lynch B 93 200 93% 

Merrill Lynch 9 89 — 230 200% 

Merrill Lynch 0/S 10% 90 200 104 

Mitsubishi Cp 104 92 — . 1M }»% 
Mitsubishi Est 10%92 30 1IU% 
Mitsubishi nn HK11490 100 107 

Mitsubishi Fin HK 124 91 MO W 
Mitsui Tst Fin 12 91 — 

Mobil Corp 104 90 
Mown Gty Tst 12% 89 
Morgan JP 114 92 — 

Motorola 12 94 

Mount Isa Fin 13487 

Nat Wea Fin 11% 92 

NedGauxile 11% 90 

New Zealand 7% B9 

New Zealand 74 91 
New Zealand 74 91 
New Zealand 8 93 

New Zealand 84 93 . 

New Zealand 104 95 __ - - 

Nippon Cred BK 13 % 89 1J0 3094 
Nippon Tel & Tel 74 94 150 93 

Ntssho Iwa) 10% 92 MO 1024 

Nova Scotia 11% 91 MO !«• 

NSW Treasury U% 90— . ISO “74 
Olympia & York 84 9b 4» 95 

Omario Hydro 104 90 — MO 10g» 
Ontario Hydra 114 89 — 200 3064 

Ontario Hydra 11% 94 2M 3U4 

Ontario Hydra 13% 90 — 2M 109% 
Ontario Hydra 13491 — MO U£4 
Ontario Hydra 14% 89 — 150 110% 
Ontario Hydra 15 92—— ISO 124% 
Pacific Gas & El U 00 H *U% 

Penney J C 11% 90 1*0 1014 

Penney J C 12% 91 — J2? 

Pepska Capital 84 91 M* Ml 
Pem>€anada7%96 — - MO *8% 


+04 

+04 

o 

+s 

+04 

+0% 

+04 

+04 

-04 

0 

+«4 

a 

* 

-04 

+04 

0 

+2* 

+94 

+04 

+04 

+14 

+«4 

+14 

-04 

+14 

+»• 

+04 


Yield 

AM 

624 

1U7 

9jn 

3030 

836 

959 

9-03 

9M7 

954 

14/74 

939 

048 

8J» 

057 

842 
942 

843 
045 
802 
807 

1L20 

UZ 

859 

8J0 

9JM 

851 
954 

ua 

852 
022 

1339 

11.99 

MO 

951 
924 

1041 

858 
1054 
11.51 
10.74 

935 

952 
039 

1136 

005 

954 

959 

035 
1035 

8.9b 

3240 

Ml 

859 
0.78 

3057 

702 

932 

au 

0.92 

933 

8.90 
897 

939 
935 
834 

930 
949 

940 
820 
850 
899 

1039 

931 
90S 
877 
009 

036 

7.90 


879 

950 

933 

87b 

883 

054 

907 

931 

895 

1037 


957 

1051 

11.79 

937 

950 


839 

899 

1051 

1039 

956 

956 

956 
873 

1150 

1051 

053 

957 


946 

930 

933 


&40 

933 

847 



Philip Morris 9% 96 — 
PostOcJi ttred 13*? B7 — _ 
Postipankki 114 90 — 
Proctor & Gam 10 95 — 

Pro fifty Sees 0 99 

Qantas Airways 8% 9b — 

Quebec PrarlS 90 

QueemM Gvt 114 89 

Ralston Purina 11% 95— 

Reynolds R. J. 10% 93 

tteftardson-l/ldo 11% 93 

Rockwell Ini 9% 90 

Saskatchewan 7 91 

Saskatchewan 84 91 

Saskatchewan 11% 89 — 

Saskatchewan 1592 

SAS10495 

Scot I ml Fin 10% 90 

Sears 0/S Fin 0 98 — 
Sears 05 Fin 114 93— . 
Sears Roebuck 10*2 91 — 
Sec Pacific 10% 88 — 
Shell (Canada) 144 92 — 

Shell 0*19(2 90 

Standard 011 104 89 .— 
Si Bk Sth Ansi 9% 93 - — 
State Elec Vlct 10 92 - — . 
Sth AusGovFin8%9S — 
Sumitomo Fin 11% 92 — 

Sweden B% 94 

Sweden 10% 92 

Swedish Export 9% 93 — 
Swedish Export 1X469 — 

Talyo Kobe 11% 90 

Talyo Kobe 1290 — . — 
TnwecpCoipll4B9—. 
TennecoCoiplO%95 — 
Texas lrj»ll%91 — — 

Triad Asia 11495 

Tokyo Metro S% 96 

UBS 12% 91 

Unilever Cap Cp 9% 92 — 

Vlct PBC AuUi 8% 96 

Wanter-Lamhert B% 9b — 

WeUs Fargo 13491 

Weyerhaeuser IU 2 90. — 

World Bank 7 92 

World Bonk 11% 90 

World Baric 114 89 

World Bank 1X4 90 

FLOATING BATE 
NOTES b 

1 Hooting 1/1001 


+ 0 % 


Mom 


500 


150 

100 

200 


400 


AfeertaProvincei%93 — 
AMance & Leira 05894 E 

AlUed lrish%95 — 

AmerS A L 035 9b 

Banco dlSfcffla.V 92 

Bank of Boston % 2000— « 

Bk of Montreal %96 

Bankers Tr NY % 94 

Bog IndKuez 4 91 XW £ 

Barclays 0/S Inv % 04 

BBL Inti 93 

Belgl>mi494£. 

Belgium 97 £ . 

Belgium QO . . 

Belgium ,% 04 
Belgium 05 
BDbao Inti 0535 01 . 

BNP 05 — 

CCCE % 98 
CCF97 

Central Inti 1/1000 

Cemniti 0359b — 

CEPME4%£ 

Chase Manhattan 493 — 

Chase Manhattan 409 — 
ChenMcriNY ,% 97 — 

Citicorp OfS % 94 

Citizens Fed 0359b 

Commerafaaric489 . 

Coiflicfl of Europe 93 

Cred for Exports 4 92— . 

CredH Fonder A 94 Ecu 
Credit Fancier 97 ... 

Credit Fonder 4 00 £ 

Credit Lyonnais % 99 

Credit National f e 95 Era 

Creditanstalt ft 9b 

Eldorado Nuke 89 

EM EL % 93 £ — 

ENEL 4 00 

Ferro Del Star 1/10 95 £ 

Ferro Del Sts 97— — — wo 

FlMpop495 MO 

Fkst Bank System 4 97— 100 

First Chicago i9b VS 

Font Motor Cr*a 91 — ZOO 

Genfinance 4 94 — 100 

Grindlays 4 94 100 

GW OIS Fin 4 94 100 

Halifax BS 2(25 96 (A) £ 150 

Halifax BS 2/25 9b (B) £ ISO 

Hessfcche Landed* 46 — 100 

Iceland 4 00 12S 

Ireland 4 96 £ — ~ 100 

Inland % 97 300 

lsve)mer%90 — 175 

Italy i* 05 

KB lflmaO.1511 

Korea Exchange Bk % 00 

UocolnS&L499 

Ltfm Corpn *»0I 

Malaysia % 92 — 

Malaysia ,V 05 

Marine Midland A 09 

Midland Uttl % 92 — 

Mlh Marketing ,% 93 £ — 

Mitsui Flo % 96 

JP% r “ 


100 


100 


Morgan Stanley 4 93. 

Nat Bank Canada % 91 
Nat Bank Canada 96 ~ 

Nat Bank Cauda 4 9B 

Nat Bk Detroit % 96 — 

Nat West A 05 

Nat West (Tn % 92 — 
Nationwide 1/10 96 £ . 

Nall Com 494 

NBO Bancorp % 2005 10B 

Northeast Sax 1/10 9b — 150 

ONGCA96 — 125 

Osier Laodbk 4 99 100 

PNC Tip {* 97 100 

Quebec Hydro 2002 200 

(hwenslnd Coal 1/20 9b — 306 
Regie Olympkpies 94 MO 
Santa Barbara S&L 4 95— 250 
Sanwalnti Fin % 92— 150 

Scot inti Fin 4 92 M0 

Security Pad! J» 97 2S0 

SNCB491 75 

Sodete Generale 494 — »a 

Sweden A 00 550 

Sweden % 2005 
Trim 404 — 

Takugki % 97 

United Kingdom 496 — 

Vere lowest 0/S Fin 91 

Weils Fargo 0325 92 

Wells Fargo 4 97 

Weds Fargo %9B — .... 

wens Fargo ,% 94 — 
WoodsWeFio(Feb)97 — 
Woriwlch Eipdt 4 95 £ — 

World Bank 035 94 

ZentraJ Uod Kom%91 — . 
coNvamflLE 
bonus _ „ b 

American Bankers 5% 01 

BET 6% 01 £ 

Canon 3 00 — 

Citizen Watch 3 00 

Eastman Kririk 64 01 — 

Elders UK 5% 98 

Fame 3% 98 

FoBtsu399. 


97% 


90 


-«% 


99% 


GbraMar Savings 7% 06~ 100 

ITT 4% 87 50 

Kinder -Care Irt 6% 93 — 50 

Lflrimar-TrtepJcsfaOl — 100 
Newmont Mining 7 01 — _ MO 

Nippon Seiko 3% 99 70 

IBM 6% 96 3©9 

Rockefeller Ceotra 0 00- 952 

Southwest Air 6% 98 35 

Swiss Bank Corpn b% 90 - UO 
Texaco Captor 11% 94 — 500 
Toshiba Ceramics 3 00— 50 

Xerox Corpn 5 88 75 


YEN STRAIGHTS 

Allied Signal 6% 93 _ 
Avon Products 6% 91 . 

Barclays 0/S 6 96 

BFCE 5% 96 


93 

104% 

904 

128% 

Eg 

og 

M2 

99% 

1564 

96% 


27A1 
—034 
97.56 
8632 
-852 
@32 
938 
-7879 
7861 
-707 
+1% 3030 


— 0 % 

+2% 

-«% 

+24 

- 0 % 

-I 

+04 

+1 


+04 


Canadian Pacific 6% 96- 
Deomaric 6% 92 — — 

Dow Chemical 7 94 

Eimflma649S 

Eunjflma 6% 92 

FNMA 6% 92 
GMAC 64 90 


Inter-Amer Dev 7% 93 . 

Intel 6% 92 

ITT 6% 92. 


McDonald Carp 64 92 . 
New Zealand 7% 90 _ 
New Zealand 74 89 - 

Penney JC 6% 92 

PtoiHp Morris 64 91 — 

Same Mae 6% 92 

TRW 7 94. 


Wbrld Bank 74 93. 
World Bat* B 93 _ 


15 

125 

20 

25 
15 
15 

26 
20 
25 
15 
20 
» 


LUXFR STRAIGHTS tssnod 

Conenkaoen Tel 8%B9— 500 

EIB 10% 94 UP 

Euroflma 1094 600 

EiirCoal.SU 10% 94 Ibn 

Renault Acc 7% 68 500 


GUILDER 
STRAIGHTS 
ABN 7% 89 _ 
ABN 8 89 . 


Aim Barit 7% 89 
Amro Bar* 8 89 


tetra d 
. 150 
. 200 
. 150. 
200 

Beatrice Fouls 8% 89— 100 
Bk Mees & Hope B% 89 — MO 
CCRaboB89 — ISO 

Denmark 8% 91 - 100 

lm Stand Elec 8% 89 MO 

New Zealand 8% 89 200 

CANADIAN DOLLAR 
STRAIGHTS 
A I DC 10 91 100 


And R« U492 _ 

Bk Montreal Really 


50 

9496 100 
BanquelndosuerMU— . 75 

Br Col Mimic 12% 91 MO 

Br Col Muolc 134 91 ZOO 

Br Col Tele 12% B9 — — — 70 

Farm Cred Carp 12% 90 _ 75 

Kellogg Sriada Can 9 98 50 

Law! City 10%% 40 

Montreal City 12% 91 50 

New Brunswick 12 95— . 75 

Nova Scoua 134 95 300 

Itigal Trvmo 10% 90 — 75 

ECU STRAIGHTS 
Aegon NV 7% 95 
AO Nkvon Air995 
Australia &NZ 10% 91 
BFCE 84 93 

BFCE 9% 92 

BNP 8% 95 
Caisse Nat Tele 9% 92 
Chrysler Fin 9 92 

Crigrie-PrimoHve 0 91 

Cred Lyonnais b% 92. 

Cmfltanstalt8%94 
Denmark 74% 

EEC 11% 91 

EIB 10% 94 
Eke de France 7% 98 
Eurautn7%96 

Ford Cred Canada 8% 99 

Gillette Co 74 93 
IBM World Trade B% SO - 
M-Amer De*10 93 

Italy 9% 89 
Hoet-Hoanessf 9 91 
Morgan Ory Tst 84 SO — 

Motorola 3% 92 — — — 

New Zealand 94 92 

Nissan Motor 74 96 
Parbel Finance 84 89 

Philip Morris 7% 89 

Rabobank 7l 2 96 — 

Reynolds 8 J. 84 91 — 
SecPadflcAust8%90 — 

Sumitomo Fin 9 S3 — 
VJc«rlaRoaoce8%9D — 

Walt Disney 9% 95 

AUSTRALIAN 08LLAR , _ 

STRAIGHTS , tea •* P»JS 

BMW Fin A 13 % 96 SW_ 75 101% 
Deutsche Bk Ftal2491— 

Nat Aim Bk 12% 89 
Western Bkg 12% 90 . 

STERLING 

STRAIGHTS 
British Oxygen 11% 91. 

Denmark 10% 89. 

EEC 11% 94 

Emhartll92 

Halifax BS 94 93 
ladBJrium 11495 
Int Stand Elec 114 09. 
later Amer Dev 13% 95 — 

Ireland 11494- — 

Kredtatfaank 10492 

Land Securities 94 07 

Leeds Permanent 9% 93 — 

MhsubF(HlG 1190 

World Bank 104 89 

Wortd Bank 114 88 — 

World Bank 11% 95 

EQUITY Expiry 

WARRANTS Wtie P**S? 

Catio Computer 60/89 48% 

Dowa Mining 20/7/90 22% 

Fidha Corpn - MTO 30 

FuAtsu 31/1/91 32 

Gooze 7/5/92 30% 

Mtaebea 22W9X 16% 

Renown Inc 24/1/09 33% 

Sritisol House 28/10/91 91% 

Sonolke Mfg - - — 12iwn 254 

Sony Coran 26/4/90 2*4 

Sumitomo Corpn - — 261/91 75% 

Tony Industries — IB/12/90 59% 

UNY 17/6/91 194 


Bid Oman 
price weak 
1054 -1% 
US -1% 
103% -2% 
im\ - 2 % 
1084 -24 
187% -2% 
1034 -1% 
105% -1% 
101 % -14 
1074 - 1 % 

103% -14 

S8 

ST* 

MS -1% 
204% -14 
2064 —2% 

204 —04 

1154 -14 
216% -1% 

Bid Cbgm 
price week 
U04 0 

107 0 

106 O 
103 0 

MO 0 

tttf CfefM 
price weak 
103% +04 
102 % 0 
102 % 0 
103% 0 

103% 0 

1034 0 

103 -04 

107% -0% 
105% -04 
1044 0 

Bid CfcfiM 
price weak 

1004 0 

104% +04 
97% +0% 
109% -0% 
110% +04 
111% +04 

103 -0% 

109% -04 
9B4 +04 

HMPa 0 

20J4 +04 

108 +0% 
106% +04 
102 0 



BOND 

WARRANTS 
Aegon Ins U% 91. 

Citicorp 8%. 




8M 
PtfCY 
15/2/89 2064 

1/10/88 51% 

Oen Norsks Crd 8% 96 8/B/89 52% 

Denmark 12% 92 31/1/90 111% 

Finnish Exp Cr 12% 91 .21/11/89 112% 

General Elec Crd 12 94. 15/11/87 109% 

McOonrids 11494 5/1/89 1054 

MfttBbteaf F/nl2%92_ 8/22X89 112 

Morgan JPll%90 16/8/87 104% 

Nordic Inv Bank 7% 96^30/10/91 53% 

Westpac Banfcg 12% 92 31OV0 111% 
WeyertaeuserC 114 90 15/12/87 ios% 




+0% 

T 

+Va 


0.99 

7&71 


Yield 

ssa 

565 

533 

530 

548 

4.93 

636 

530 

632 

501 

533 
6.95 
SJM 
535 
506 
466 
4.72 
508 

534 
5J» 
631 
439 
466 


YMd 

7.91 

905 

004 

908 

7.73 


YMd 

5.48 

607 

5.99 

603 

651 

5.99 

639 

634 

625 

630 


935 

1025 


strength, both in the GNP and 
the production statistics, came 
from improvements in US ex- 
port perfonsance. 

Coming on fop of moderately 
better trade figures this month, 
these statistics helped to under- 
pin the view that devaluation 
is finaly beginning to work its 
magic on the industrial econ- 
omy — and to do so with sur- 
prisingly few inflationary costs. 

Indeed, sentiment is now so 
intensely focused on the long- 
awaited benefits of devaluation 
for the US economy, that the 
bond market is coming to 
interpret strong production 
figures as bullish, rather than 
bearish, for interest rates. 

Further signs of strength in 
the industrial economy, accord- 
ing to the newly established 
view, will take the pressure off 
the dollar and pacify protec- 
tionists in Congress. For the 
bond market, the argument 
continues, the benefits of a 
stabilising currency will far 
outweigh the traditional dis- 
advantages of stronger 
domestic credit demand, which 
normally accompanies an 
economic upturn. 

There is only one problem 
with this bullish story. While 
it has been good enough to 
keep the recent rally going in 
very thin markets, the strong 
dollar case has not yet inspired 
either domestic or foreign insti- 
tutions to commit large-scale 
funds. 

The same caveat applier to 
the strength of the dollar itself. 
Becent events have certainly 
put a temporary stop to the one- 
way speculation against the US 
currency, but trading has been 
too thing and indecisive to con- 
vince the markets of anything 
like a fundamental change in 
trend. 


US TREASURY YIELDS 



Looking further ahead than 
one month’s statistics, the 
ambivalence is understandable. 
The dollar devaluation may 
have succeeded in stabilising 
or even reducing the US trade 
deficit somewhat. But as the 
Organisation for Economic 
Co-operation and Development 
pointed out last week, in one 
of the gloomiest reports it has 
written for over a decade, there 
is a big difference between 
stabilising trade deficits at 
around $150bn and reducing 
these deficits to numbers that 
might be manageable In the 
long term. 

In terms of the latter 
criterion, there seems to be no 
reason to regard the present 
structure of exchange rates as 
sustainable. At present ex- 
change rates the OECD predicts 
a marginal improvement in the 
US trade deficit next year. But 
this is no new trend beginning. 

Gloomy report 

Looking further ahead, the 
OECD projects that “the US 
current account deficit and the 
Japanese surplus could widen 
again in the years beyond 1988, 
leading to an unprecedented 
accumulation of net external 
liabilities and assets by these 
two countries.” 

In other words, there has 
been no decisive improvement 
yet in the US balance of pay- 
ments. And without such an 
improvement, the evidence for 
a decisive change of trend in 
the dollar Is *hin at best. 

* ★ * 

THE FOLLOWING statistics are 
due for release this week, along 
with estimates of market expec- 
tations as surveyed last Friday 
by Money Market Services of 
Redwood City, California: 

• The consumer price index for 
May (Tuesday, 8^0 am) Is ex- 
pected to show a rise of 0.4 per 
cent, identical with the increases 
recorded in April, March and 
February. The 43 estimates sur- 
veyed range from no change to 
a jump of 0.6 per cent 

• Durable goods orders for May 
(Tuesday, 8.30) should show a 
fall of L5 per cent according to 
the median forecast The 28 
estimates range from a fall of 
3 per cent to a rise of 0.6 per 
cent This volatile series showed 
no change in April after big 
gains of 42 and 6-7 per cent 
respectively in the previous two 
months. 

Anatole Kaletsky 


UK GILTS 


Old worries revived 
as expected buyers 
fail to appear 


IT HAS TAKEN only a week 
since Mrs Thatcher's third suc- 
cessive election victory with a 
healthy overall majority for the 
UK Government bond market 
to sink into gloom. 

Last week's figures showing 
a persistently strong appetite 
for credit and rising average 
earnings revived all the old 
worries — higher inflation, talk 
of capacity constraints In indus- 
try at a time of fast-growing 
consumption and therefore 
worries about the trade balance. 
The pound's Impregnability was 
punctured and there seems very 
little chance of falls in interest 
rates, at least in the short-term. 

The real sting in the tall 
came on Friday afternoon, 
when Lloyds Bank announced 
it was pulling out of market- 
making In gilts and Eurobonds. 
On the gilts side, the news 
came as no great surprise: 
problems at Lloyds had long 
been a focus of pessimistic 
talk. The withdrawal appears 
to have been orderly but never- 
theless sent ripples through the 
market 

All the signs are that, since 
Big Bang, the bulk of the 
business has been monopolised 
by a relatively small group of 
primary dealers, leaving some 
of the rest asking serious ques- 
tions about the returns they 
are making on capital. 

Of course, there are houses 
which are not in the top rank- 
ings but which are running a 
perfectly satisfactory business 
none the less. Several put in 
place tight teams, often from 
existing personnel, did not give 
out huge salaries, and are 
covering their costs. 

Yet there are others which 
went for market share with 
large, highly paid teams and 
which have found the going 
much tougher. It may be easier 
for some of them to face the 
embarrassment of pulling out, 
now that the first casualty has 
emerged. 

Others may find themselves 
vulnerable to large-scale poach- 
ing or full takeovers in the 
months leading up to the first 
anniversary of Big Bang. The 
market is already hearing 
whispers of head-hunting acti- 
vity on behalf of Nomura, 
Daiwa and Morgan Stanley— to 
name but three. 

Lloyds’ derision comes after 
a very difficult six weeks, when 
trading was in a tight range 
with little direction, the most 
difficult situation in which to 


make money, and the average 
level of profitability in the 
market seems to have deterior- 
ated during that period. 

The post-election period could 
be equally difficult. Most 
primary dealers went into the 
poll with long position and have 
have faced a falling market with 
little retail business since. 
Domestic institutions seem to be 
pretty fully invested and the 
Japanese have. If anything, been 
net sellers. 

On top of this, the gilt market 
faces a supply burden, both im- 
mediate and in the longer-term. 
There was selling of the 8} per 
cent 2000 issue before its call 
payable today and, if this is 
repeated with the two other sub- 
stantial calls over the next fort- 
night, the market could sruggle. 
More generally, he substantial 
build-up in reserves has left the 
Bank of England underfunded 
over April and May to the tune 
of £5.1bn. 

Yields on the benchmark 
Treasury llj per cent 2003/07 
rose to about 9.07 per cent at 
Friday’s close compared with 
8B per cent a week earlier. 
The 9 per cent mark has been a 
formidable support level this 
year but on Friday the barrier 
fell with very little resistance. 

Short yields too reflected the 
waning of hopes for lower 
interest rates, moving about 9 
per cent in line with three- 
month money. Index-linked did 
better than conventionals, a 
sure sign that inflationary 
expectations hve taken a turn 
for the worse. 

The gloom seems to be in res- 
ponse to an overall economic 
picture which, at a stretch and 
over time, could show the clas- 
sic signs of overheaitlng — higher 
wages, falling unemployment, 
fast growth and buoyant con- 
sumption. 

It seems to be a case of hav- 
ing enjoyed enjoying u boom 
boom” Britain while it was 
attracting votes and finding it 
pakiful once it starts to push 
wages np. 

Maybe these concerns are 
somewhat exaggerated amid an 
air of anti-climax after the dizzy 
euphoria of the election run-up. 
If the dollar and the US bond 
market start falling again, ster- 
ling and bonds may pick up. 
However, nobody seemed to see 
much mileage in fixed interest 
at the end of last week. 

Janet Bosh 


9197 

1136 

10.44 

931 

Tflfiff 

934 

1039 

1032 

903 


7.9* 

834 

8.97 
830 
732 
830 
703 

6.77 

702 
•06 
70S 
832 
9.01 
709 

7.98 
807 
830 

703 
701 

7.77 
70S 
735 
739 
735 


&23 

732 

732 

701 

836 

802 

706 



4030 


YMd 

737 

721 

705 

939 

908 

932 

8.90 

936 

6.93 

707 

9.71 

736 


cto ai cr ramos. Yield to nriorrvUon ot the mK» pric e - Amount Issued Is expressed m millions of currency wilts except for yen bonds, where h Is In Mllkms. 
nnoVTue botemittcSz US dollara unless indicated. Margin above six-month offered rate three-month; # above mean rate) for US dollars. Cxon-current coupon, 
c- n c n n m fwTiJ S dollars unless Indicated. Prem=penxmage premium of the current effective price or buying shares via Me bond oxer the most recent share price. 
WAf»^T& ^iW »wrartpr+ni-e*erci5e premium aver current shore price. Bon d warrant e» yld-merelse yield at current warrant price. CteitiaprtaBOnJune »■ 

p nmn- riju Tttrf* 1987. Reproduction to wiurie or In part hi any farm not permitted without written consent- Daa supplied fay Association of imematlwjd Bond Dealers. 


Those securities hove been sold outside the United States of America and Japan. This announcement 
appears as o matter of record only. 


NESLlSaJg 


19th June, 1987 


TOPPAN 


TOPPAN PRINTING COMPANY, 

(Toppan Insatsu Kabuskiki Kmsha) 

U.S. $300, 000,000 

1% per cent. Bonds 1992 

with 

Warrants 

to subscribe for shares of the common stock of 
Toppan Printing Company, Limited 


Issue Pdce 100 per cent 


Nomura International Limited 

Algemene Bank Nederland N.V. 

Banque Bruxelles Lambert S. A. 

Banqne Nationals de Paris 
Commerzbank AktieageseUschaft 
Daiwa Europe Limited 
EBC Amro Bank Limited 

Kuwait Foreign Trading Contracting & Investment Co. 

Manufacturers Hanover Limited 

Mitsubishi Finance International Limited 

Morgan Grenfell & Co. Limited 

Salomon Brothers International Limited 

Socfcte G£n£rale 

S.G. Warburg Securities 


The Nikko Securities Co., (Europe) Ltd. 

Banca Commertiale Itatiana 
Banqne Indosuez 
Baring Brothers & Co., Limited 
Credit Suisse First Boston limited 
Dresdner Bank Aktleng esdlscbaft 
Kleinwort Benson Limited 
(S.A.K.) LTCB International Limited 
Morin Lynch Capital Markets 
Mitsui Finance International Limited 
Morgan Stanley International 
J. Henry Schroder Wagg & Co. Limi ted 
Swiss Volksbank 
Westdeutsche Landesbank Girozentrale 















24 


Financial Times Monday June 22 1987 


Midland checks the 
rumours about its 
debt provisions 

Mi dland Same over the week- analysts have been expecting 
end sought to check the rising Midland to mate a rights issue 
tide of rumours in the City of at least £500m to strengthen 
about the launch of a massive a capital base which is the 
rights issue, by making it dear weakest of any of the British 
that ho decisions had been clearing banks, 
taken on how to handle provi- They have also been suggest- 
ions on Third World debt, ing that Midland is considering 
writes Paul CheeserighL asset sales and may itself have 

The assumption in the City become vulnerable to a take- 
has been that Midland would over. 

be forced to increase its capital Midland’s exposure to the 
in order to meet the cost of devloping countries is higher 
provisions that could go above than that of the other dearers 
£lbn. at £4.2bn. Of that figure, £1.4bn 

** No decision on how to is taken up by loans to Brazil, 
handle provisions has been £1.3bn by loans to Mexico and 
made. We’ve been thinking £700m by loans to Argentina, 
about it for a long time," said The loans to these three 
a spokesman. countries account for 6.1 per 

Speculation about a higher cent of total Midland group 
level of provisions at the Mid- assets. In 1986, Midland made 
land, with a covering rights provisions of £160m against bad 
issue, has been in the air for and doubtful debts. Its existing 
some time, but surfaced strongly provisions cover 6 per cent of 
again at the end of last week its exposure. 

in the wake of moves by 

National Westminster. Tract’s 

Last Tuesday. National West- tlectra 1 FUSTS 
minster announced extra pro- SSSCt VfllOG up jU% 
visions of £466m. Such provi- Investment Trust’s 

sion was equivalent to 30 per net va j ue pe r chare rose 
cent of its exposure to less by s 0. 65 per cent in the year 
developed countries, in contrast t0 March 31 1987, with total 
to the 25 per cent level which curreo tly at £443 .9m. 

had become tbe norm among Directors attribute the rise 
American banks after Citicorp substantial realised and 
took a provisions initiative last unrealised gains among Elec- 
month. txa's unlisted investments and 

Although the Midland does the strong performance of the 
not believe that the NatWest listed portfolio. Its listed invest- 
move affects it directly, a move meats, at £215.1m, increased 
on the same scale as NatWest from 44 to 48.5 per cent ot the 
has made would involve bring- company’s net assets, partly 
ing the total level of provisions due to the number of unlisted 
up to £1.02bn, according hi City investments achieving quota- 
estimates. This would absorb tions. 

about two years profits, it is The trust has changed its year 
calculated. end from March 31 to Septem- 

At the same time. City her 31. 

BOARD MEETINGS 

TODAY FUTURE DATES 

Interims? 

Interim: Buma-Anderaon. Domino Printing Sciences ... July 1 

Reniokil Aug. 18 

Finals: Borland International, James Wilding Office Equipment ..... June 29 
Cropper, Drummond. Fatales and Finals: 

Agency. Oceana Development Invest- Burndene Investments Juno 25 

went Trust, Optometries (US), | „„ii 7 

Schroder Money Funds, Vole*. White- psrkdela ' .'. ... Juno 25 

croft Wyndhem. Rothschild (J.) July 1 


Caradon 
valued at 
£134m 

By Rideid Tomfcfas 

Caradon, the branded build- 
ing products maker best known 
for its Twyfords bathroom 
products and Mira showers, 
today publishes the prospectus 
for an offer for sale which will 
bring it to the market at a 
capitalisation of £ 134.4m. 

S. G. Warburg, the merchant 
bank, is offering 13.45m shares 
— 25 per cent of Che enlarged 
equity — at 250p each, with all 
the net proceeds going to the 
company. Stockbroker to the 
issue is Cazenove. 

The company was formed 
through a £ 61 m buy-out of its 
subsidiaries from Reed Inter- 
national in 1985. Its manage- 
ment team includes several ex- 
RecHand executives and tbe 
board is headed by Mr Antony 
Hicbens, formerly finance 
director of Redland. 

The prospectus shows oper- 
ating profits rising rapidly in 
the wake of the buy-out from 
£9.7m to £16m in the year to 
March 1987. The pre-forma 
historic PE is 14J>. 

• comment 

It is a long time since the build- 
ing materials sector has seen a 
new entrant, so an issue of 
Caradon's size inevitably 
attracts attention. Interest will 
be further stimulated by the 
public’s familiarity with the 
brand names and the City’s 
familiarity with the manage- 
ment Caradon is not without its 
weak points: the brevity of the 
track record, the ill-fitting and 
low margin plastic mouldings 
operations, and question marks 
over the durability of the UK 
consumer spending boom are 
points of concern. But with no 
vendors to be greedy over the 
price, the rating makes generous 
concession to these factors and 
the possibility of a sour market. 
With £18m in sight this year, 
the prospective p/e is a humble 
11*. and enthusiasts are look- 
ing for a 50p first day premium 
to bring it into line with the 
sector. 


U K COMPANY NEWS 

Trafalgar House makes £200m offer for PFPUT 

Questions of valuations and 
loyalties are main barriers 


BY PAIR. CHEESERIGHT, PROPERTY CORRESPONDENT 


THE Pension Fund Property 
Unit Trust (PFPUT) is running 
its defence against the takeover 
bid for its properly portfolio by 
Trafalgar House, the shipping, 
construction and property 
group, along three paths. 

This has become apparent 
both through public statements 
by Mr Cecil Baker, the chair- 
man, and the just published 
annual report 

The three paths are: 

• The claim that the portfolio 
itself is well-managed with a 
programme of refurbishment 
and upgrading, especially in tbe 
City of London offices sector. 

• The argument that the value 
of the portfolio Is increasing 
both because it is heavily 
weighted towards offices and 
retail property, and because the 
new flexibility given to the use 
of industrial property will en- 
hance values. 

• The promise of an exciting 
future linked to the possibility 
of a listing on the Stock Ex- 
change. 

But it is, of course, the possi- 
bilities of a portfolio of en- 
hancing values that attracted 
Trafalgar House in the first 
place. And the attraction has 
been strong enough for it to 
lift the total cost of its bid from 
£187.7m to £2Q0m. 

It was not the first on the 
scene. u The Trust has re- 
ceived a number of ap- 
proaches,” said Mr Baker in 
his chairman’s statement Some 
of these, it is true, were of 
tiie if -you-happ en-to-b e-in-the- 
we'd-be-interested variety. 

The approaches underscore 
the point, though, that PFFUT 
has looked vulnerable as aggres- 
sive property companies search 
out every portfolio that might 
he undervalued. 

Hence the spate of takeovers 
of the small and medium-sized 
Investment companies. And tbe 
speed with which the PFPUT 



An these Nixes have been sold. Thu atuMaaceBtest appears as a xtaaerrf record oofy. 

LB Rhdidand-Ffalz finance B.V 

([naxparated wilh Smiled Uainhiy m "The Ndieriemdi) 

A$50,000,000 

13% per cent Notes due 1991 

Unconditionally and irrevocably guaranteed by 

Landesbank Rheinland-Pfalz 

L 1 

Girozentrale 

(bcmporaUd under PubEc Lao at the Federal FrpabBc tf Gfrmaiy) 

Issue Price: 101% per cent 


Hambros Bank limited 


Landesbank Rheinland-Pfalz -Girozentrale- 

ANZ Merchant Bank Limited 
Banqne G€n6rale du Luxembourg SA. 
Bayeriscfae Vereinsbank AktiengeseUschaft 
Commonwealth Bank of Australia 
DG BANK Deutsche Genossenschaftsbank 
Goldman Sachs International Corp. 
Landesbank Schleswig-Holstein Girozentrale 
Merrill Lynch Capital Markets 
NOBIS S od&6 des Basques Privies 
Orion Royal Bank Limited 
Security Pacific Hoare Garrett Limited 
Union Bank of Switzerland (Securities) Tjmitpfl 
S.G. Warburg Securities 


Westpac Banking Corporation 


Bank Brussel Lambert N.V. 
Bayeriscfae Landesbank Girozentrale 
CTBC Capital Markets 
Credit Snisse First Boston Limited 
Fay, Richwhite (UJL) Limited 
Hessische Landesbank -Girozentrale- 
McLeod Young Weir International Limited 
Morgan Stanley International 
Norddeutsche Landesbank Girozentrale 
Prudentml-Bache Capital Fan ding 
Swiss Bank Corporation International Limited 
Verems- and Westbank AktiengeseUschaft 
Wood Gundy Inc. 


■ June, 1987 


commERciFu. brhk 

US$200,000,000 

Floating Hate Notes Due 1994 

Holders of floating Rate Notes ot ttie above issue are 
hereby notified that for the Interest Period from 
23 June. 1987 to 23 December. 1987 the SoSS 
information is relevant: 

L Applicable 

interest rate: 7»/ IB % per annum. 

2. Coupon anounis payable on Interest 


Payment Date: 


USS 384.43 
per USS 10,000.00 nominal or 
USS 9.610.68 

per USS 250.000.00 nominal 


3. Interest 

Payment Date: 

Agent Bank 

Bank of America International Limited 


23 December, 1987 


Citicorp Finance PLC 
£150,000,000 

Guaranteed Floating Rate Notes Due December 1997 
Unconditionally Guaranteed by 
CT7JCORP© 

Notice is hereby given that the Rate of Interest has been fixed at 
9.1% and that the interest payable an the relevant Interest 
Payment Date, September 21, 1987 against Coupon No. 7 in respect 
of £1 0,000 nominal of the Notes will be £234-36. 


June 22, 1982, London 

By: Citibank, NA. (CSSI Dept.), Agent Bonk 


CITIBANO 


WEEKEND FT 

For information on advertising 
on the BOOKS PAGE 
CONTACT SUE MATHIESON on 
01-489 0033 


portfolio was sharply revalued 
immediately after the first 
Trafalgar House approach sug- 
gests that the monthly valua- 
tions it was receiving from 
Jones Lang Wootton — and on 
the basis of which the Trafalgar 
House bid was made — under- 
stated the commercial value of 
the property. 

“Values in a rising market 
are likely to be going np faster 
than the valuers take account 
ot They’re relying on the 
evidence of tr ansa ctions to ad- 
just the valuations.'’ PFFUT 
noted. 

PFPUT is using the new 
valuations as a means both of 
staving off Trafalgar House, and 
of encouraging the loyalty of 
its nnit holders — the pension 
funds. The bid price of its units 
rose 11.7 per cent in the two 
months to June. But they bad 
been static for a year. 

The difficulty for tbe PFPUT 
committee of management is 
that generally the pension funds 
have been reducing their 
property investment and par- 
ticularly have been redeeming 
their units in PFPUT and other 
property unit trusts. 

The annual report showed 
that in t he ye ar to last March, 
13,284 PFPUT units were 
redeemed— that is, they were 
repurchased by the Trust which 
had to liquidate property 
assets to do it The cost of 
repurchasing the units came to 
£2&3m and the proceeds from 
property sales came to £41.8m. 

This level of redemptions was 
more than double the number 
in 1985-86 and reduced the 
total number of units to 82,440 
by the end of last March. At 
that time, there were a further 
9,658 units waiting to be re- 
purchased . 

That number has fallen since 
because pension funds have 
been waiting to see the outcome 


FT Share Information 


Barlows (Section: Property). 

Brooks Service Group (Indus- 
trials). 

Coles Slyer (Stores). 

G.C. Flooring & Furnishing 
(Industrials). 

Nationwide Building Society 
8| pc 23/5/88 (Loans-Build- 
ing Societies). 

Sock Shop International 
(Stores), 


Wells Fargo 
& Company 

U.S. $200,000,000 

Floating Rate 
Subordinated Notes 
due 2000 

In accordance with tbe 
provisions of the Notes, notice 
is hereby given that far the 
Interest period 
22nd June, 1987 to 
22nd July, 1987 
die Notes win carry an Interest 
Rate of 7V«% per annum. 
Int e rest payable on tbe relevant 
interest payment date 22nd 
July, 1987 wiQ am ount to 
USS60.42 per US$10,000 Note 
and USSmiO per USS3U»0 
Norn. 

Agent Bank: 

Morgan Guaranty Trust 
’ of New York 


U.S. $40,000,000 
BflNCfl 5ERFIN, 5.R. 

JS 

5ERHNI 
Subordinated Floating 
Rate Serial Notes 
Due 1 985-1 989 

For Che six months 
22 Jure. 19Q7ta 
22 December, 1987 
In accordance with the 
provisions of die Notes 
notice is hereby given that the 
rate of interest has been fixed 
at 7% per cent, and that the 
interest payable on the 
relevant interest payment date 
22 December. 1387 against 
Coupon No. 11 will be 
U.S. 51 55*04. 

Agent Baric 

Morgan G ua ranty Bu st Co m paq! 
of New York. Larina 


of the Trafalgar House 
approach. 

What has happened is that 
the pension funds have been re- 
ceiving an annual rate of return 
on their capital and income com- 
bined much lower than that 
from equities and gilt-edged 
stock. 

PEPUTs rate of return in its 
last 'financial year was 6.1 per 
cent against 29.1 per cent for 
equities, and 11.2 per cent for 
gilts. And, as the annual re- 
port makes dear, over the last 
ten year the return on PIPUT 
units was an average of 13.2 
per cent compared with 24£ 
per cent for equities and 16 per 
cent for gilts. 

Indeed, the gross distribution 
by PIPUT on each of its units 
has hovered between £134.95 
and £142.95 for the last five 
years. Tbe peak was in 1984. 
the through in 1985 and the dis- 
tribution in the last financial 
year £137.85. 

Taking the eight property 
unit trusts which make up the 
Phillips and Drew property unit 
trust index, PFPUTs rate of 
return over ten years is frac- 
tionally above the index average 
and would come fifth in a rank- 
ing of the eight 

PFPUT, in short is no more 
nor less sluggish than others in 
a sector whose leaders concede 
that performance in the past 
has been a bit sleepy. On 
normal commercial grounds, the 
trusts are ripe for takeover. 

The difficulty for Trafalgar 
House is that it cannot grasp 
the PFPUT portfolio unless 
holders of 75 per cent of the 
units agree to selL This means 
that its effort of persuasion will 
have to be lengthy If it is to be 
successful. 

But the PFPUT committee of 
management is looking to a 
future life without Trafalgar. It 
wants authorised status — that is 
it would be able to advertise to 
sell its units to a public wider 
than the pension funds — and, 
said Mr Baker in his statement: 
H The trust, once authorised, 
should qualify for a listing on 
the Stock Exchange.” 

In tbet context of the 
Trafalgar bid. however, this is 
long term. The property unit 
trusts have first to sort out the 
regulatory framework with the 
Department of Trade and In- 
dustry and the Inland Revenue, 
and then arrange listing re- 
quirements with the Stock 1 
Exchange. 

And an authorised trust 
would he a very different 
animal from the present trust 
If it were to be authorised, the 
pension funds could lose the 
tax-exempt status of their in- 
vestment 

So it is a moot point whether 
the future Mr Baker holds out 
would necessarily appeal to the 
unit-holders, and whether it is 
a very effective weapon of bid 
defence when pension funds 
have seemed increasingly drawn 
to short-term returns. 


NOTICE OF DEFAULT 
TbTheHaMcnof 

CSWI International Finance N.V. 

9% Convertible Subvrdfnaicrf Guaranteed 

Debentsres Doe 1996 |lhe*Drb*otarea”) 

The undersigned, Bankers TrustCompany 
Is the TVustee under the Indcn lu re datedosof 
May IS. 1981 (the "Indenture"! pursuant to 
which the Debentures were issued Please be 
advised that (il an Event of Default exists 
under the indenture in that C$WT Inter- 
national Finance N.V. did not make the 
annual payment of interest on the Debentures 
due on May IS. 1987 and (ii la default exists 
under rhe Indenture in dial BartcTexas G roup 
Inc. (formerly named Commerce Southwest 
Inc. J. as guarantor of the Debentures, did not 
make such payment as guarantor. 

To facilitate further communications 
regarding this matter, holders are urged to 
make their nomesavailable to t he TVustee bjr 
wriung lo the Trustee at the address listed 
below and stating that such person is a holder 
of tbe above-mentioned Debentures. 

BANKERS TRUST COMPANY 
At Mcuturr IhiAtr 

Cc rponw TruH and Agency Group 

P'J- Box 318 _ 
i.hurrhSlrvol Station 
Ncu- York. New York 10016 
THcphonc No. (212) 2S0-6S2S 

fated: June SL 1987 


PENDING DIVIDENDS 


Dan 

ASDA-MFI -July 21 
■Argyll Group.. June 25 

■BPB Juna 25 

Birmld 

Quelcast.. .July 1 

Brttoll July 25 

■Cable and 

Wlmlesa...JunB 24 
■Charter Cns...June 24 

Dixons July 16 

Dowry Julv 23 

■Ferranti July 1 

GUS July 23 

■Greycoat ..... June 25 

Guinness June 16 

Hogg 

Robinson.. .July 8 


Ann ounce- 
mam last 
year 
Reel 1.9 
Final 6.1 
Final 5.5 

Interim 1.2S 
Interim 2.0 

Final 6.0 
Final 7.75 
Final due 
Rnel 3.2 
Final 1-18 
Final 14.0 
Final 1 25 
interim 2.26 


Final 5.23 


Dan 


•Johnson 

Martfiey- June 18 
■Lloyd a Bank.. July 24 
London Inti ...June 19 
•Rncel . __ 

Electronics.. June 23 

Rank . . 

Organisation.. July 17 
■Rothman a Inti June 25 
■Rothschild 

(J.).. July 1 

Scot and Nawcatl 

Breweries.. -July 1 

•TSu June 25 

Thorn EMI ...July 10 

•Trusthouse 

Forte.. .June 25 


Announce- 
ment last 
year 

Rtwl 2X1 
Interim 8.25 
Final 3.1 

Final 2.258 

Interim B2S 
Final 4.5 

Final 12.8 

Final 4.82 
Interim due 
Final 12.5 

Interim 1-33 



-.1 > -S •‘.'i-.-. 


3 



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SPONSORED SECURITIES 


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Ass. Brit. Ind. Ord 

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146 

+ 1 

5.4 

3.7 

12.7 

644 

Carborundum 7.5pc Prof. 

92xd 

- 2 

10.7 

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George Blair 

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3.5 

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9-559 

Isis Group 

120 

am 




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Jackson Group 

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+ 2 

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James Burrough 

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3,397 

Jamas Burrough 9pc Prof. ... 

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+ a 

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Multihouse N.V. (AmstSE)... 

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427 

+ 2 

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8-6 

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Record Ridgway IDpc Pral, ... 

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Robert Jenkins , 

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_ 




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Scnmons 

107 

+ 2 




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Tordoy and Carlisle 

175xd 

+ 4 

6.6 

3.8 

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1.813 

Trovlen Holdings „ 

400 

+20 

7.9 

2.0 

82 

24.400 

Umlocfc Holdings (SE) 

122 

+ 11 

2.8 



42.777 

Walter Alexander 

165 

+ 3 

84) 



m 4.551 

W. 5. Yeatas 

19Gxd 


17.4 

8.9 


4.240 

West Yorks Ind Hosp (USM) 

105 

- 1 

5Ja 

8.2 

11.1 


Granville fit Company Limited 
8 Lovat Lane, London EC3R8BP 
Telephone 01-421 1212 
Member of FIMBRA 


Granville Davies Coleman Limited 

E 27 Lovac Lane, London EC3R 8DT 

vr v 01-521 1212 

Member of tbe Stock Exchange 


This abatiwead it esaed i 


t n ^fa m nft But 

tO 


'■ JtdoamttmXitaroBqBhrariata&m 


B Elliott pic 

(XtgB&ndmEngbmdNa. 17i283) 

RIGHTS ISSUE 

7 per cent Convertible Shares cm each 

This advertisement appears in connection with the rights issue of 5 SB* til fWmr,,in — - 
Shares in the Company which were offered to Ordinary sSoSonthS^ti^^S! 6 5f fc ^ nce 
on 12th June 1987 on the basis of 4 Convertible Preference Stares for every^O^i^r^i^f ^ business 
then hekL The Couaril of TT* Stock Exchange has 

Official List DeaEngs commence, id paid, on 22nd June 1987. ^ ODVei ™« Preference Shares to tbe 

Derails of tbe listing particulars relating to the Company and tbe CcnvertiNe . . 

by the Financial Services Act 1986 are contained ianswissun iKpnred 

Copies of the drcufcir to shareholders containing tbe fisting particularan!^ be 

business hours on any weekday, Saturdays and pubfic boiidays^S 

B Elliott pic, 

167 Imperial Drive, Harrow, 

Middlesex HAS 7SP. 


ikZoetetBcvralJnii t^ 
Ebbgate House, 

2 Swan Lane, 

London EC4R3TS. 


London EC2P2AA. 


arnLunta 24th June 1987 only, from: 

Companies Announcement Office. 


FINANCIAL TIMES STOCK INDICES 






























) 



•t'l. 

; "v;- 


fiss 


Financial Times Monday June 22 1987 


FINANCIAL TIMES 

SURVEY 


H~| investors are back in the 

| H 1^ ^ market but in terms of 
— ' major currencies bullion 
has only started this 

yearto rise from its 

lowest levels of the decade. Several 

factors have sparked the return to 

favour such as heavy buying by Japan 
for Hirohito coins, says Stefan WagstyL 

Bullion is back 


S f*.-* |tn« Ounce 


'nil 


in favour 


INVESTORS are looking 
seriously at gold once more. 
After diminishing interest for 
most of the decade, the precious 
metals markets have in the past 
year been transformed by a 
modest surge in investment. 

From & low in early 1085 of 
$284 an ounce, gold rose to a 
four-year peak of $482 this 
spring; platinum prices have 
soar ed in the same time from 
$237 an ounce to more than $600; 
even silver prices, which for a 
long time failed to respond to 
movements in gold and plati- 
num, made a spectacular leap 
earlier this year doubling to 
more than $11 an ounce in hec- 
tic trading 

Prices have since fallen back. 
Gold was last week trading at 
$450 platinum at $580 and silver 
at $7.60. 

But the fears which have com- 
bined to set these markets mov- 
ing are still present Above all, 
concerns about the US federal 
deficit and the American exter- 
nal deficit which have scared 
world financial markets, have 
not diminished in the past year. 

However, it would be wrong to 
exaggerate the shift in senti- 
ment which has occurred. All 
that gold has achieved in a few 
jumps since last summer is, 
belatedly, to recover the value 
which it lost when it failed, at 
first to respond strongly to the 


in Dollars 
London, pm fix 


Thousand vun per lire ounce 

in Von 

equivalent London, pm fix 


CONTENTS 



MS-OImmm. 


. 1280 - 8 tonnM 


1980 B1 82 83 84 SS 86 87 1980 81 82 83 84 85 86 87 


early phase of the decline in the 
US dollar in 1985. 

In terms of other major cur- 
rencies, bullion has only started 
rising from its lowest levels this 
decade since the beginning of 
1987. The chart above shows the 
performance of gold in terms of 
Japanese yen. 

Increases in investment in 
Europe and North America and, 
above all. Japan have, to some 
extent been offset by a sharp 
decline in buying in the Middle 
East where falling oil prices 
have hit the pockets of Arab 
investors very bard. 

Nevertheless, Mr Keith Smith, 
managing director of Mocatta 
and Goldsmid, the London bul- 
lion bank, says: M The difference 
is that the investors are back in 
the gold market Two years ago 
. . . even a year ago tiiey were 
not really there.” 

Even Consolidated Gold 
Fields, the mining company 
which is known for its caution in 
making market forecasts, said in 
Its 1987 annual report: “ The 
growing perception that gold 
has a role to play as a form of 
insurance against all kinds of 
financial and political cata- 
clysm, not merely ' inflation, 
seems certain to encourage 
investment demand." 

A number of events in the 
precious metals markets over 
the past 18 months have com- 



Tbe oak-panelled sanctum of N. M. Rothschild where the price of gold Is “ fixed "or set twice dally 


ALAN HARPER 


Gold and Precious Metals 


bined to kindle this investors 
interest: — 

The Japanese government's 
buying of gold early in 1986 for 
minting coins to mark the 60th 
anniversary of the reign of 
Emperor Hirohito, Japan's 
Head of State, took an unex- 
pectedly large amount of bul- 
lion off the market. 

The importance of the coin 
issues, which absorbed 182 ton- 
nes of metal, is compounded by 
the fact that the 100,000 yen 
coins were sold at more than 
double the value of the gold 
contained. So prices would have 
to rise spectacularly before 
these commemorative coins 
could be sold at a profit The 
official issue encouraged a huge 
spurt in Japanese investment in 
gold which took the country’s 
total purchases last year to 650 
tonnes, or half the Western 
world’s supply of new mined 
metal. 

The competing efforts of 
mints producing gold coins 


increased the private investors’ 
awareness of bullion, particu- 
larly in the US. where the 
newly-launched American 
Eagle has done spectacularly 
welL Silver Eagles too, have 
been popular. 

Platinum brought speculative 
investors back into precious 
metals in raid-1986 when prices 
rose and hit a brief September 
high of $682 an ounce, the high- 
est since 1980, on fears that 
South Africa, supplier of four 
fifths of the West’s metal, might 
interrupt shipments in retalia- 
tion to Western economic sanc- 
tions. Johnson Matthey, the 
refining and marketing com- 
pany, estimates that investors 
bought 75 per cent more plati- 
num last year than in 1985 and 
accounted for 16 per cent of the 
sales of what is primarily an 
industrial metal. 

Gold rose in the wake of plati- 
num as investors traded the two 
metals against each other, not 
believing that platinum could 


maintain premiums over gold of 
up to $300. 

More importantly, in the 
autumn, some investors took 
fright at the heady rise in US 
bond and equity markets. Fears 
about America's mounting gov- 
ernment and external trade 
deficits prompted a re-assess- 
ment of the country’s financial 
health. As these concerns 
mushroomed in early 1987, the 
decline in the dollar suddenly 
accelerated and bullion soared. 

More evidence that sentiment 
had shifted in favour of metals 
came with the spectacular rise 
in silver prices in March and 
April. The metal’s failure to 
respond to the 1986 rise in gold 
had led some analysts to ques- 
tion its status as a precious 
metaL This all changed in a few 
hectic days’ trad Lng, when silver 
played its traditional role of 
moving faster than gold in the 
early stage of a bull market in 
precious metals. 

Investment purchases of gold 


are difficult to quantify because 
buyers like to be discreet Gold 
Fields estimates are detailed in 
an article in the survey. Gold- 
man Sachs, the US Investment 
bank, has published figures 
which show a similar rising 
trend for last year but reach a 
higher total because they 
include purchases of coins and 
medallions as investments, 
whereas Gold Fields considers 
only bars. 

Goldman estimates that West- 
ern world investment more than 
doubled last year to 718 ton- 
nes— or the equivalent of over 
half the Western world's new- 
mined production which total- 
led 1.300 tonnes. 

This comparison is at the crux 
of any forecast of gold prices. On 
the one hand, the amount of 
money invested in gold is 
minute in relation to the size of 
the global financial markets. 
Shearson Lehman Brothers, the 
US trading company, estimated 
earlier this year that the total 
value of investment purchases 


of gold in 1975-85 amounted to 
just 0.45 per cent of the value of 
capitalisation of world equity 
markets. So It is obvious that it 
would take only a prop- 
ortionately very small shift in 
binds to transform the bullion 
market 

On the other hand, it is 
equally clear that investment 
demand is crucial to the gold 
market. Investor purchases will 
have to grow in order to absorb 
the steadily increasing output of 
the world's mines. Encouraged 
by high profit margins, mining 
companies have developed 
scores of new gold mines in the 
1980s. 

These arguments led Gold- 
man, in a report published in 
April, to be more cautious than 
most forecasters. Given that the 
Hirohito issue was a one-off 
event. It was difficult to see how 
investors could buy as nrach 
gold as last year, said Goldman. 
It added that 1987 did not look 
like a year of extreme political 
or financial distress. 


Sham martlet 
London button taflng 

Supply and demand 
South Africa 

SBter 

Platinum 

Private kwestaxs 
Capital markets 


More bullish analysts point 
out that gold would react to pre- 
cisely the kind of unexpected 
event which by definition can- 
not be predicted. They argue 
that imbalances in world trade 
and debt make the world eco- 
nomy acutely vulnerable to sud- 
den shocks. 

Mr Guy Field, senior vice 
president of Morgan Guaranty 
and former bead of the bank’s 
bullion and foreign exchange 
operations, says: “I think 
people are beginning to lose a 
bit of faith in the financial mar- 
kets.” 

Other observers suggest that 
even if precious metals prices 
shoot up in response to an eco- 
nomic or political shock then 
they might not stay high for very 
long. Investors, so the argument 
goes, have become more 
attuned to looking for short- 
term returns: They would sell 
once prices steadied. 

There has already been 
enough buying and selling of 
precious metals in the past 18 
months to bring a healthy 
increase in traders’ revenues. 
On the Commodity Exchange in 
New York, volume in gold 
futures last year increased for 
the first time in five years. On 
the New York Mercantile 
Exchange, platinum trading 
more than doubled to 1.6m con- 
tracts. This year silver trading 
soared so bust in April that it 
swamped the Comex clearing 
system. 

There are no comparable 
figures for off-exchange bullion 
markets. But banters in New 
York, London, Zurich and Tokyo 
all say business was up last year 
and has Dot fallen away in 1987. 
Only Hong Kong, among the 
major centres, saw a decline in 
trading last year, largely 
because of the competing 
attractions of soaring local 
stock markets. 

The continuing globalisation 
of bullion trading has meant 
that markets tend to benefit 
simultaneously from any upturn 
in volume. However, if most of 
the centres complement each 
other by being In different time 
zones, they continue to compete, 
as individual companies battle 
for business. 

In Europe, it is clear that Lon- 
don has been gaining ground at 
the expense of Zurich — 
although Swiss bankers deny 
this. Several overseas banks 
have in the past year made 
plans to start bullion operations 
in London — among them Union 
Bank of Switzerland, and most 
recently the Japanese trading 
house, Nissho IwaL 






It was fun while it lasted. And profitable. But 
nothing goes up fbrevei; and many indices are 
now signalling fundamental dif- 
Acuities in the economy-renewed wTiroferto 
inflation coupled with slowing A J\ 

growth, gyrating currencies, see- 1 

sawing stock markets. * I y 

No, the boom may not be ] 

over — yet. However paper in- — . f 

vestments are quite vulnerable 
to these kinds of economic ^ yJ 7 r 
factors. Therefore the boom is 
certainly no longer the robust, ** ■*» 


BW 19JS 1979 IMG HI IW W » IMgl l — 1 


ebullient phenomenon it once was. And probably 
never will be again. In face of these mounting 
danger signals, the shrewdest 
» taw gwjwgr ass,v » i of investors are now rapidly 

jj converting part of their paper 
f profits into the solid security 
- y \ I of physical gold. 

K. Why gold? Because as the 
f ~r- most precious of metals, the 

f* value of gold is intrinsic, and 

f therefore trustworthy. More- 

J over, gold is easy to store, easy 

= w w ” I to transport 




r^Kr 


And instantly recognized for the genuine 
treasure it is, virtually anywhere in the world. 

Tbday’s gold price in strong currencies — re- 
member when this used to mean the US. dollar? — 
is still relatively low, and the historical trend has 
always been up. Financial counsellors recommend 
putting a substantial part of investment assets in- 
to gold, as insurance for the medium to long term. 

Gold is money you can trust Anytime. Any- 
where. Fbr full information on how to secure your 
financial assets in something solid, consult your 
bank or broker Or write for your free copy of the 
60-page, pocketsized “European Guide to Gold' to: 


Gold Information Centre si 
B.P. 351 - CH-1211 Geneva 3 - Switzerland 



Money you can trust. 


4 *«- 








Financial Times Monday June 22 1987 


26 


M. F. J. f 

PRECIOUS METALS LTD. 

Bullion Dealers and Refiners 

We recover all precious melals from industry 

Denial, photographic, jewellery, electronics, etc. 

Fast smelting, refining and assay service 

Enquiries: 

24 Hatton Garden London EC1 
TeL 01-405 5005/831 8838 
Telex: 943763 CROCOM G MFJ 

PLATINUM GROUP METALS REFINERY 
Unit 5J West Horndon Industrial Estate 
West Horndon, Essex CM 13 3XP 
TeL 0277 811911. 

Fax: 0277 811968. Telex: 995694 MFJ G 


Waverlev Asset Management 



THE AUSTRALIAN GOLD SPECIALISTS 

The Australasian Gold Fund was the only noo-Iapaneie fund ia 
Iasi year’s top 25 {Source Opal Statistics). Since uwstan of die 


current year the Inind ia up a further 76.4%. The Managers 
remain confident. 

For further infijnnanon'ring Willie Me Loras, Peter Bucher or 
our Unit "This Dealers on 031-225 1551. 

Waverlev Asset Management Ltd., 13 Charlotte Square, 
Edinburgh EH2 4DJ. 

MEMBER OF THE UNTT TRUST ASSOCIATION. 


THE AUSTRALASIAN' GOLD FUND’ 


LK 


FINANCIAL FUTURES & COMMODITY BROKERS 

“ SPECULATE TO ACCUMULATE ” 


LONDON: 01-403 7700 


AMSTERDAM: 28 026433 


GOLD & PRECIOUS METALS 2 


Share market 


Gold shares versus Bullion 


Crucial link with metal price 


SHARES IN Eastmet, a small 
Australian gold company, were 
on sale at 50 cents last year. 
Now they are about SA1.50. It is 
not unusual for a speculative 
gold stock to rise In this way- 
over the last 12 months Eastmet 
has successfully brought on 
stream a modest open-cut mine 
called Youanmi, in Western' 
Australia, which is planned to 
produce over 35,000 ounces al 
year. 

What is significant however is 
the extent to which the perform- 
ance of Eastmet 1 s shares has 
been repeated in stock markets 
around the world. Despite the 
fact that gold shares have fallen 
back quite sharply from their 
in early May, the Austra- 
lian Gold Index now stands 270 
per cent higher than it did at the 
beginning of 1886; the Toronto 
gold Index has soared 83 per 

C ^Sven the politically-blighted 
South African market has been 
set alight The FT Gold Index of 
South African stocks stands 59 
per cent higher than at the 
Beginning of 1986. 

Where the shares go next 
depends crucially on the gold 
price — stockbrokers who 
believe gold will fell are advis- 
ing investors to sell. Those who 
think the opposite, argue that 


the recent correction means 
that it is a good time to buy. 

There are a number of power- 
ful reasons why gold shares, 
have risen as fast as they have. 
Non-South African shares 
began to move last summer after 
bullion rose sharply above $360 
an ounce, prompting some fore- 
casters to suggest it might go to 
$500. 

Australian shares reacted fas- 
test, partly because they were 
seen to be cheap in comparison 
with North American stocks 
when valued on a multiple of 
likely earnings. Mr Bob Hawke, 
the Prime Minister, gave the 
market a further boost by rejec- 
ting proposals to. start taxing 
gold companies. 

Fears about the future of the 
US economy, and therefore 
about the US financial markets, 
emerged in the autumn and 
added weight to the arguments 
for buying gold stocks as an 
insurance, especially for Inves- 
tors with dollar-based assets. 

As these concerns grew and 
the dollar plummeted, after 
Christmas the rise in gold 
shares accelerated and even the 
gloomy South African market 
started rising because Its stocks 
looked so cheap in relation to 
the rest of the world. • 

By the standards of industrial 


non-South African 
gold stocks remain highly 
valued. Australians are 
typically on multiples of 25 
times their prospective 1987 
earnings. In North America, 
ratios of 40 are not uncommon. 
This compares with an average 
of 20 for Wall Street 

But such a direct comparison 
ignores two things. First, gold 
mining may be one of the oldest 
industries on earth but it is cur- 
rently going through a phase of 
unprecedented expansion. For 
example. Echo Bay, a leading 
Canadian stock, is set to pro- 
duce 500,000 ozs a year by 1988- 
double the 1985 figure. 

Average total costs, including 
depreciation, were $214 an 
ounce outside South Africa in 
1985, and lower still last year, 
according to Consolidated Gold 
Fields. As a result fends con- 
tinue to pour into exploration 
and development, increasing 
the chances for yet more mines 
coming on stream. 

Investors pay a premium for 
those producers which have an 
attractive portfolio of explora- 
tion projects. An example is 
Placer Pacific, the Australian' 
vehicle of the Canadain group 
Placer Development which has 
two prime prospects in Papua 
New Guinea — Forgera and Mis- 


ima Island. 

The second reason why inves- 
tors are paying considerably 
more for gold shares than for 
industrial equities is that they 
expect gold prices to go up. The 
bullion price is the prime deter- 
minant of the price of gold 
stocks— but the two do not move 
exactly in parallel! Share prices 
tend to be more volatile than 
the bullion price— rising faster 
in a boll market and Falling 
more quickly in a bear market. 
This is because gold company 
earnings increase by an average 
of 20 per cent for every 10 per 
cent rise in bullion. 

Mr Peter Miller, of London 
stockbroker L. Messel, recently 
said- 11 In comparison with the 
bull market of 1979180 we are 
still probably no ferther ahead 
than the situation in mid- to 
late-1979 with the metal finally 
attempting to catch up with the 
shares. In 1980 shares doubled 
from corresponding levels." 

Forecasters who are bearish 
about shares, on the other hand, 
are bearish about bullion. They 
argue that as a defensive mea- 
sure, investors should at least 
protecL themselves from the 
greater volatility of shares by 
switching to bullion. 

South African shares are a 
special case in the argument. 


600 Max in US $ terms 


*500 A 



Australian Stock Exchange Gold Index 

/: 


Toronto Stock Exchange Gold Index 

\l’’0 

300 

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London BtsMion Price y 

5p|“ 

200 

FTMneahidgx ^ 



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87 


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Certainly they. are influenced by 
bullion prices like other gold 
stocks. But the twists and turns 
of the country's political crisis 
are equally important 

In the spring, hopes that 
reform-minded candidates 
including Dr Denis WorralL 
South Africa’s former ambassa- 
dor to Britain, might do well in 
the May General Election, sup- 
ported an increase In South 
African golds. In the event 


South Africa lurched to the 
right and shares fell back. 

It follows from the discussion 
of the relationship between 
shares and bullion that the tim- 
ing of an investment decision in 
the gold share market is usually 
more important than the choice 
of stock. Nevertheless, the grow- 
ing number of lisLed gold com- 
panies offers plenty of scope for 
trying to pick winners. 

Stefan Wagstyl 


London bullion trading 

Reforms on the way 


THE LONDON Gold Market is in 
the throes of its greatest change 
for nearly 70 years. The five- 
bullion houses which have run 
the market since 1919 are later 
this year planning to share con- 
trol with other banks and trad- 
ing companies in the City. 

By the standards of some 
other financial markets the 
proposed reforms are modest. 
But for the London Gold Market 
they amount to an important 
break witb the past They show 
how the gold market is respon- 
ding . to the pressures of 
international competition and 
of demands For regulatory 
reform From the Government— 
the same pressures which are 
reshaping virtually every other 
market in the City. 

The market's five members 
have no intention of opening up 


the doors of their oak-panelled 
sanctum— the room in the 
offices of N M Rothschild where 
the twice-daily “fix" or pricing 
session is held around tables 
with tittle Union Jacks standing 
on them. This will remain the 
lucrative preserve of 
Rothschild, and the other fix 
members— Moca tta and 

Golds mid, Sharps, Pixley, 
Samuel Montagu, and Mase 
Westpac (formerly Johnson 
Matthey Bankers). 

However the. houses intend to 
involve the market's 50-odd 
associates In its Future manage- 
ment, especially the 10 or so 
companies which actively trade 
bullion in the wholesale mar- 
ket, among them Sbearson Leh- 
man Brothers and Morgan 
Guaranty of the US, Canada's 
Bank of Nova Scotia, and Credit 



Suisse of Switzerland. 

Some of these associates have 
long complained, albeit dis- 
creetly, that their financial 
power was not reflected in the 
market's undemocratic struc- 
ture. . . . 

The Bank of England, which 
did the bullion market an 
incalculable favour by rescuing 
Johnson Matthey Bankers from 
collapse in 1964, has also been 
quietly pushing the fix members 
towards reform. And the Gov- 
ernment's Financial Services 
Act, which came into effect late 
last year, has provided the 
opportunity. 

Under the legislation, the 
Bank of England's authority to 
regulate city markets — includ- 
ing bullion — is being formal- 
ised. The Bank intends to publ- 
ish rules for these markets later 
this year, incorporating written 
codes of conduct 
■ It will also publish lists of “fit 
and proper" institutions autho- 
rised to operate in each market 
1 It is up to individual companies 
| to apply For listing. 

The codification of these 
rules has prompted the bullion 
I market among others, to 
| formalise the contacts between 
members, so as to create 
stronger organisations capable, 
if necessary, of lobbying the 
i Bank, the Government, MPs and 
the public. 

“The major role will be to 
ensure that London continues to 
hold its position as the major 
market centre in the world mar 
ket," says Mr Robert Guy, chair- 
man of the London Gold Market 

Mr Guy is leading a steering 
committee established to draw 
up rules for a new body which 
will probably be called the Lon- 
don Bullion Market Association. 
The regulations are still being 
drafted, but it is likely that the 
association would be run by an 
elected committee in which 
three groups would be separ- 
ately represented — fix traders, 
wholesale traders, and non- 
trading companies such as 
refiners and jewellery makers. 

This tripartite structure 
would fall somewhat short of 
being fully democratic. But Mr 
Guy argues that it would reflect 
the weight of the different 
interests in the market 

It would also reflect the grow- 
ing internationalisation of the 
London market London houses 
have set up trading offices 



BuHion dealers in action In 
London which claims to have 
beaten off the challenge of 
competition from Switzerland 

abroad, in New York, Hong 
Kong and elsewhere, while 
foreign companies have come 
to the City. 

The number of overseas 
groups, especially US com- 
panies, trading In London has 
been sowing steadily since' the 
abolition of exchange controls 
in 1979. The latest companies to 
disclose plans to start trading 
include Union Bank of Switzer- 
land (Credit Suisse has been 
active for several years) 'and 
Deutsche Bank. 

Traders' at .some of* the over- 
seas companies say that they 
have won market share from the 
five members of the fix. Such 
claims are difficult to measure 
in a market in which turnover is 
secret 

What is clear, however, is that 
London market as a whole has 
grown because recent arrivals 
have brought more clients and 
more business to the City. They, 
seem to have assured London of| 
its position in what has become 
a 24-hour global market in gold. 

Mr Guy Field, senior vice- 
president of Morgan Guaranty 
who previously worked for 
Samuel Montagu and for 
Philipp Brothers, the US trader, 
says “Most of the major houses 
have brought a lot of business to 
London. They have underlined 
its pre-eminence in the world 
market" 

London bullion bankers are 
confident that Lbey have now 
beaten off the challenge of com- 
petition from Zurich which in 
the early 1970s rivalled London 
in importance. This was after 
the Swiss banks won a virtual 
monopoly of South Africa gold 
sales in 1968. 

London traders say that, 
although Zurich remains an 
important bullion centre, the 
fact that two out of three of the 
big three Swiss banks are now 
trading in London speaks for 
itself! 

Stefan Wagstyl 





e 


2 



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27 


Financial Times Monday June 22 1987 


C GOLD & PRECIOUS METALS 3 ) 


Supply and demand 


Japan keeps the market buoyant 


THE. R ALLY in gold prices, 
which has seen the metal go 
from under $400 to over $450 an. 
ounce, owes almost everything 
to Japan. 

Japanese investors were last 
year more important than any- 
one in buying up the increased 
supply of metal from newly- 
opened mines around the world 
and from sharply increased 
sales to the West by the Soviet 
Union and China. 

Their significance in pushing 
up prices highlights the import- 
ance of analysing the gold mar- 
ket in the context of the general 
climate for competing forms of 
investment 

In the past year fears about 
the political ftiture of South 
Africa have played their part in 
influencing the market But 
investors have been motivated 
primarily not by concern about 
shifts and possible shifts in the 
supply and demand for gold but 
by changes in the mood of other 
financial markets, above all in 
the US stock and bond markets. 

However, a look at supply and 
demand in the gold market 
itself does provide some indica- 
tions of changes in investors’ 
behaviour. 

Last year Middle East inves- 
tors, so often a mainstay of the 
market, sold more gold than 
they bought as Calling energy 
prices hit their pockets. But 
Japanese investors more than 
made up for the shortfall, stimu- 
lated by the fact that gold 
remained near record lows in 
yen terms and by the issue of 
coins to . mark the 60th 
anniversary of Emperor Hirohi- 
to's reign. 


Consolidated Gold Fields, 
which publishes an annual 
report of the market, estimates 
that investors outside Europe 
and North America bought 220 
tonnes of gold in bars, against 
310 tonnes in the previous year. 
In addition, the Japanese used 
182 tonnes of metal in the Hiro- 
bito issue, which was not strictly 
a bullion coin because it was 
priced high above the value of 
the contained gold. 

In Europe and North America 
investors bought a net 81 tonnes, 
against disposals of 170 tonnes 
in 1985, according to the report 
Gold Fields estimates that these 
Investors have continued to buy 
in 1987, motivated by worries 
about the state of US financial 
markets. 

As Gold Fields says, the 
figures for European and North 
American investment need to 
be treated cautiously because 
they are balancing items in the 
group's estimates, but they do 
indicate a substantial shift in 
mood. 

However, there are a few 
bearish points to be made in 
this generally bullish analysis 
or investors' behaviour. First of 
all, the market was heavily 
dependent last year on Japan, 
which bought 650 tonnes of 
metal, or half the mine produc- 
tion of the non-Communist 
world. 

Secondly, in addition to sell- 
ing bars, Middle East investors 
were also heavy sellers of scrap 
gold during the rally in Septem- 
ber 1986. Overall, scrap sales 
rose to 465 tonnes, their highest 
since 1980, when 482 tonnes 
were sold and prices averaged 


$612 an ounce. 

Mr George Milling-Stanley, 
the author of Gold Fields' sur- 
vey. says that the gold market 
has become more efficient, so 
rallies are likely to stimulate 
old gold sales much more 
readily. 

Nevertheless. Gold Fields, 
which is known as one of the 
most cautious of forecasters, is 
more positive about investment 
demand than it has been for 
several years. 

Looking at the gold market in 
terms of the outlook for supply 
and demand, sustained and 
growing investment demand 
would appear to be essential 
just to keep gold at its current 
price, never mind supporting 
increases. 

The output of Western world 
mines, which has risen by a 
third since 1980 to 1281 tonnes 
last year, is expected to keep 
growing for the foreseeable 
future. Increases in the US, 
Canada and Australia more 
than ofTset a slight decline in 
South Africa. South Africa's 
share of Western world output 
could fall below 50 per cent by 
the end of the decade. 

With profit margins specta- 


cularly high, companies can be 
expected to keep searching for 
deposits and bringing them into 
production. Gold Fields esti- 
mates that the total costs of 
operating mines, including 
capital costs, fell to an average 
of $245 an ounce outside South 
Africa in 1985, and should fall 
further this year. In South 
Africa the average cost last year 
was $181 an ounce, according to 
the Chamber of Mines. 

The West could also see con- 
tinuing high levels of Commun- 
ist sales. China may be unable 
to repeat last year’s estimated 
sales of about 50 tonnes in 1987, 
but the government is commit- 
ted to increasing ouLput so as to 
raise foreign exchange ear- 
nings. The Soviet Union, which 
sold 350 tonnes or so in 1986, is 
thought to have continued sell- 
ing bullion at a similar rate this 
year— the country needs 
revenue from gold to compen- 
sate for lower earnings from oil 
and gas sales. 

Western world governments 
last year bought more gold than 
they sold for the second year 
running. Their net purchases of 
181 tonnes no doubt helped sup- 
port the market Bui the most 


important point about central 
bank holdings is that the 36,000 
tonnes of metal they control is 
largely immobile and unlikely 
to be sold to anyone for fear that 
such disposals may upset the 
international financial system. 

Private holdings are more 
fluid, as the 465 tonnes of scrap 
sold last year demonstrates. But 
again very little has disap- 
peared: it is estimated that of 
the 100,000 tonnes or so of gold 
ever mined, more than 80.000 
tonnes is still available. Indust- 
rial consumers of the metal — 
electronics companies, dentists 
and others— accounted for 
under 15 per cent of the 1,666 
tonnes of gold used in fabrica- 
tion last year. The rest went 
mainly into jewellery, which for 
many buyers, is if not. con- 
sciously, a form of investment 
then certainly a way of storing 
and displaying wealth. 

This is particularly true in the 
Middle East, India, and else- 
where where buyers prefer 
bigh-carat jewellery for its gold 
content, instead of low-carat 
articles for their decorative 
appeal. 

Stefan Wagstyl 




PRECIOUS 

METALS 


Daniel C Griffith, established in 1 850, is the world 
leading analyst in Precious Metals and now part of 
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Inspection, Weighing and Sampling at all leading 
Refineries world wide and carry out a full range of 
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South Africa 


Mining reforms held up 


THIS YEAR’S March quarter 
results from South Africa's gold 
mines sent shivers down the 
spines of many investors. 

Production at four mines — 
Randfontein, Western Areas, 
Beatrix and Freegold — had 
been bit by work stoppages or 
resignations by black miners, 
underlining just how vulner- 
able South Africa's labour- 
intensive gold mining industry 
is to work disruptions. Indust- 
rial relations remain the gold 
mine's most problematic area 
and, in the wake of the white 
electorate's rightward lurch in 
Slay, the industrial relations 
field is likely to become more 
rather than less difficult. 

Last year, the Botha Govern- 
ment became increasingly ner- 
vous of white voters’ swing 
towards parties to the right of 
the ruling National Party — a 
swing which was particularly 
marked in mining constituen- 
cies. Electoral fears paralysed 
whatever was left of the Govern- 
ment’s reform programme and. 
to the dismay or the mining com- 
panies and black miners, per- 
suaded the Government to 
renege on its promise to scrap 
mining job reservation by the 
end of 1986. 

Racial clauses in the Mines 
and Works Act continue to bar 
half-a-million or so black 
miners from supervisory line 
positions, and prospects oi 
agreement between the 
employers and the white onions 
on lifting the colour bar seem as 
remote as ever. 

The Chamber of Mines, which 
represents the mineowners, 
promised job security guaran- 
tees hoping to persuade the 
white unions to agree to an 
opening of reserved jobs. 
However when the white anions 
would not agree, the Chamber 
dropped its guarantees. 



N M Rothschild & Sons Limited 

Merchants & Bankers 

International Dealers in 
gold and silver bullion 

NEW COURT, St. SWITHIN’S LANE, 
LONDON EC4P4DU 
DEALERS TELEPHONE: 01-283 368! 

TELEX: 8812101 


Rothschild Australia Limited 

7ih FLOOR. 17 BRIDGE STREET, SYDNEY NSW. 2000 AUSTRALIA 
TELEPHONE: 233 6833 TELEX: AA 121295 

N M Rothschild & Sons (Singapore) Limited 

GROUND FLOOR, STRAITS TRADING BUILDING. 9 BATTERY ROAD. 
01-02 SINGAPORE 01 04 TELEPHONE: 535 831 1 TELEX 36269 

Rothschild Bank AC 

ZOLLIKERSTRASSE 181. 8034 ZURICH. SWITZERLAND 
TELEPHONE: 384 71 1 1 TELEX: 55851 1 

Rothschild Inc 

I ROCKEFELLER PLAZA. NEW YORK. NY 10020 
TELEPHONE; 541 6696 TELEX: 424504 

N M Rothschild & Sons (Hong Kong) Limited 

I9tb FLOOR CONNAUGHT CENTRE. HONG KONG 
TELEPHONE- 259106 TELEX: 74628 


Chamber and black union offi- 
cials now fear that even if racial 
discrimination is scrapped from 
the Mines and Works Act the 
colour bar will be preserved by 
other means such as literacy, 
numeracy and language skills 
requirements which flavour 
whiles. 

The white miners fear that 
they would be replaced by 
“cheap” black labour. And 
since white miners in the Carle- 
tonvilie constituency elected Mr 
Arrie Pa ulus, the former gene- 
ral secretary of the all-white 
Mine Workers’ Union (MWU) 
and a staunch opponent of 
removal of the colour bar, to 
represent them in the white 
House of Assembly, their fears 
and opposition can be articu- 
lated in parliament 

The all-black National Union 
of Mineworkers (NUM), which 
claims a membership of more 
than 300,000, is in a quandry. 
Wage and safety issues and the 
colour bar are at the top of its 
list of priorities, but the union’s 
leadership is understandably 
restrained in its militancy. 
Independent black unions, 
which have articulated black 
political demands as well as 
labour issues, fear the govern 
meat is intent on breaking them. 

Neither the NUM nor most 
mining houses relish a re-enact- 
ment of the strike by 15.000 
black railway workers earlier 
this year when police were used 
to break the strike and 11 
demonstrating strikers were 
shot dead in the streets off 
Johannesburg and Germ is ton. 

It is paradoxical that, in South 
Africa’s highly-charged racial 
atmosphere, the needs of the 
majority of mining industry 
employers and employees have 
converged with both sides 
opposed to the general direc- 
tion of white politics. 

The NUM and some 
employers would like to see an 
end to the migrant labour sys- 
tem and the creation of perma- 
nent workforces to man the 
mines. If push came to shove, 
however, it is unlikely that the 
mines themselves would go 
along with the NUM*s call for 
equal treatment for black and 
white employees. 

Black miners live in vast 
singie-sex hostels which indus- 
try spokesmen themselves 
admit are akin to prisoner-of- 
war camps and where prostitu- 
tion, homosexuality and bestial- 
ity are rife. 

By way of contrast, the mines 
provide most of their 50,000 or 
so white employees with family 
housing at subsidised rentals 
and with free utilities. Merely 
providing half of the black 
workforce with comparable 
married accommodation would 
cost anything up to Rands 5bn or 
twice the amount the mines 
spent on all capital projects in 
1986. 

Mechanisation is not a feasi- 
ble answer. The geology of the 
Witwatersrand gold reefs pre- 
cludes large scale additional 
mechanisation, particularly in 
mines whose reefs are narrow. 

Last year Randfontein and 
Western Areas, whose reefs are 
particularly wide, announced 
mechanisation plans which 
would have allowed their work- 
forces to be cut by between a 
quarter and a third. That led to 
work stoppages by black miners 
which cut Randfontein's recov- 
ery grade by 5 per cent and 
Western Areas' by more than 7 
per cent in this year’s March 
quarter and which, in turn, 
pushed the mine's gold mining 
operations into the red. 

Beatrix, a comparatively new 
mine in the Orange Free State, 
suffered a 20 per cent gold pro- 
duction loss in the March quar- 
ter after half of the black work- 
force quit in reponse to con- 
siderable fighting in the black 
compound, again underlining 
the mines’ reliance on black 
labour. Violence is endemic on 
the mines. ... 

So, too. are accidents which 
usually kill more than 600 men 
each year and take the lives of 
proportionately more than 

twice as many black miners as 
white. 


The NUM argued successfully 
that black miners should hence- 
forth be included on mine safety 
committees. 

While the white union men 
remain doggedly opposed to 
removal of job reservation, they 
daily flout the law governing 
supervisory responsibilities 
simply to ensure that gold bear- 
ing rock is broken and tallied. 

Lf black miners were to pro- 
test against their continued 
exclusion from supervisory 
underground jobs by insisting 
that white miners observe the 
racially — discriminatory 
clauses on the Mines and Works 
Act, South Africa's gold mines 
would grind to a halt within 
days. 

It is not a thought which has 
escaped union leaders who are 
determined to adhere meticu- 
lously to the country’s laws. 

Jfan Jones 


Johnson Mat 

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Financial Times Monday June 22 1987 



r 


The History of England in Gdd- 




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( GOLD & PRECIOUS METALS 4^J ) 


Silver 


Silver 


Regaining lost sparkle 


SILVER HAS this year taken 
the precious metal market by 
surpise. At the beginning of. 
1987, silver had been so quiet 
for so long that traders won- 
dered whether investors had 1 
abandoned the metal for good. 
“There were even suggestions 
that silver should perhaps no 
longer be regarded as a pre- 
cious metal, with a price influ- 
enced largely by movements in 
other financial markets. Rather, 
it should be regarded as a base 
metal, with its price determined 
mainly by changes in industrial 
supply and demand. 

But in the weeks since the 
middle of March, the silver mar- 
ket has been transformed. A 
steady rise in prices from 
around $5£5 an ounce, acceler- 
ated in a few days of frenzied 
trading to reach over $11.25 an 
ounce on April 27— -a rise of 
more than $2 on the day— before 
falling back to about $7.50 

The volume of investment 
interest was so huge that the 
Commodity Exchange in New 
York, the world’s largest silver 
futures market was swamped 
and bad to close early for three 
days to sort out a backlog of 
unsettled trades. 

After such wild price move- 


ments, it is hardly surprising 
that traders differ greatly in 
their price forecasts. But many 
believe that now investment 
interest has been rekindled it 
will not quickly die away again. 

The past history of precious 
metals prices shows that, in 
times of financial uncertainty, 
silver tends to outperform gold. 
This is because even when con- 
ditions are poor for precious 
metals prices — as they have 
been during the bull markets in 
stocks and shares in the 1980s — 
some investors continue buying 
precious metals. They buy gold 
because of its status In the 
international monetary system 
and because it is more valuable 
weight for weight so it is easier 
to handle. 

However, when conditions 
move in fhvour of precious 
metals — as they have done in 
the wake of the fall in the US 
dollar this year— the impact on 
silver is likely to be greater, as 
an absence of Investor interest 
suddenly turns into a glut 

AU this makes silver a very 
tempting market for short-term 
investors looking for volatile 
prices. What is unclear is how 
long investors will be prepared 
to hold metal if prices settle. US 
investors may want to protect 


themselves against further falls 
in the dollar, given the doubts 
surro unding the Federal 
Budget and trade deficits. But 
investors in Japan, West Ger- 
many and Switzerland, where 
currencies are strong, may be 
less willing to move out of 
income-bearing investments, 
given that inflation rates are 
generally lower than they were 
In the commodity price boom of 
the late-l970s. 

This year’s activity in the mar- 
ket demonstrates that supply 
and demand in silver matters 
less than the mood of the finan- 
cial markets, once investors 
start buying precious metals. 

Nevertheless, news from 
within the silver industry has 
certainly helped prices along. 
In mid-April, Peru, the second 
largest Western world producer 
after Mexico, reminded the mar- 
ket t hn * supplies should not be 
tab>n for granted by announ- 
cing that silver sales were to be 
suspended. Traders said the 
ban would not take effect before 
October at the earliest and 
would probably not be carried 
oat Nevertheless as a man- 
oeuvre to boost prices, the state- 
ment by Peru’s President Alan 
Garcia worked wonders. 


More broadly, bullish traders 
argue that the silver market is 
generally looking brighter than 
it did. The abortive efforts of the 
Texan Hunt family to corner the 
market in 1980 put a blight on 
silver. Even after the Hunts said 
in 1985 that they had sold most 
of their 95m oz stockpile, inves- 
tors shied away from silver in 
the belief that the Hunt metal 
had simply passed into other 
hands. 

As a result, while gold and 
platinum prices rose last year, 
silver fell during 1986, despite a 
depreciation in the US dollar. 

However, say the bulls, while 
the Hunt's silver has not disap- 
peared. the total stock overhan- 
ging the market has declined. 
Low prices last year forced the 
closure of Sunshine and Lucky 
Friday, two of the largest US 
mines. Meanwhile, industrial 
users of silver— chiefly photo- 
graphic film-makers— have 

increased their purchases mod- 
estly. 

The net result is that reported 
silver stocks fell during 1986 
from an all-time peak of 241m oz 
to 201m oz. according to Gold- 
man Sachs, the US investment 
company. This is still six 
months’ consumption, says 



Goldman in a report, but the 
speed of the decline shows that 
the market is correcting the 
over-capacity which plagued it 

Goldman estimates that the 
fall in US mine production, a 
small decline in scrap silver 
recycling and an increase in 
Communist countries' imports 
meant that Western world silver 
supply fell last year by 4.4 per 
cent to 447m oz. Industrial 
demand rose 4.9 per cent to 
398m oz. 

But the bulls' case is by no 
means conclusive. If prices stay 
close to $8, then Lucky Friday 
and Sunshine mines could well 
reopen. Even without them, 
Goldman sees a slight increase 


in overall Western world supply 
in 1987 to 467m oz, with indust- 
rial demand growing by 3 per 
cent to 410m oz. 

So it is Investors who must buy 
metal if price increases are to 
be sustained. On one measure — 
possibly the most important — 
sliver still has some way to go 
towards re-establishing itself as 
a precious metal. The historic 
ratio between gold and silver 
prices Is about 40:2. This 
widened as silver fell in 1986 to 
nearly 70:1. By April 27 this year 
it had recovered almost all the 
ground it bad lost to hit 45:1 but 
has since widened again to over 
55:1. 

' Stefan Wagstyl 


Platinum 


Platinum 


Investors move 
into the market 


IF 1986 is to go down in history 
as the year in which platinum's 
price relationship with gold was 
redefined, 1987 could be the 
year in which the new relation- 
ship is consolidated. 

Although the immediate 
panic about the threat to South 
African supplies is over, for the 
time being at least, the 
increased level of buying 
interest it generated is con- 
tinuing to add extra bite to a 
fundamentally strong supply- 
demand picture and platinum is 
still tmtinnilnlng a substantal 
premium over the yellow metaL 

The free market platinum 
price began 1966 at 934Z25 a 
troy ounce, with a $15 premium 
over gold. 


Degussa Precious Metal Bars. 

Gold 
Platinum. 

Silver 


The 
brilliant 
investment 
of lasting 
security! 


Our Precious 
Meted Bars are 
traded worldwide. 

The Degussa Trade 
Mark is recognized 
on all International 
Exchanges. 


We are one 
of the most 
efficient Precious 
Metals Refineries 
in the world. 


Degussa - 
your partner 
whenever 
Precious Metals 
are involved. 



AU three metals are available in the usual sizes for trading 
and investment purposes. 


Degussa <$► 

Degussa AG 

Precious Metals Trading and Refining Division 


Business Area Trading 
RO. Box 110533 
Weissf rauenstrasse 9 
D-6000 Frankfurt 11 
Tel. (069) 218-2473 
Telex 414730 dgag d 
Telefax (069) 218-3218 


Business Area Refining 
P.O. Box 1345 
Rodenbacher Chaussee 4 
D-6450 Hanau 
Tel. (06181)590 
Telex 41520030 dwd 
Telefax (06181) 593030 


900 $ per fin e ounce 
800 


By September 5, growing 
pressure for strong economic 
sanctions against South 
Africa — by far the world's big- 
gest supplier— plus fears that 
South Africa might impose 
counter-sanctions in the foiin of 
export restrictions, had lifted 
platinum to a 5V4-year peak of 
$673.75 an ounce and widened 
the premium to a massive 
$31023 

As the panic subsided, so did 
the platinum price. By the close 
of the year it was trading at 
$468.75 an ounce and the pre- 
mium over gold had dipped 
below $90 

This year has seen a confirma- 
tion of investors' renewed faith 
in the platinum market. 



1980 81 


82 83 84 - 85 86 87 


however. Last week the price; 
was back above $580 an ounce 
and since mid-January the pre- 
mium has remained comfort- 
ably in excess of $100 

Platinum's latest show of 
strength owes a good deal to 
sentiment in the gold market, 
“ without, however, being in 
danger of losing the individual- 
ity it has re-acquired since mid- 

1985, " observes Johnson 
Matthey, the London bullion 
trader, in its recentl y-pub lished 
review “Platinum 1987”. John- 
son Matthey sees this as “a 
further demonstration of plati- 
num’s twin attributes as a pre- 
cious as well as an industrial 
metal”. 

According to Johnson 
Matthey, non-industrial demand 
accounted for 45.7 per cent of 
last year’s record total Western 
world platinum consumption of 
2.85m oz. compared with 34.9 
per cent of 2.32m oz in 1982. That 
share increase was due to a 
surge is investment demand 
from 2 per cent (46,000 oz) to 15.7 
per cent (447.000 oz). 

While jewellery’s consump- 
tion share was down from I982's 
32£.per cent to 30 per cent in 

1986, it still represented a rise 
of 90,000 oz. And about 40,000 oz 
of the rise came between 1985 
and 1986, a performance which 
surprised many market experts, 
who had assumed that high 
prices would be reflected in 
lower jewellery usage. 

The platinum jewellery sector 
is heavily dependent on 
Japanese demand. “They love 
the stuff,” says Patrick Smith of 
Johnson Matthey. Of the 855,000 
oz purchased by the jewellery 
trade in 1986 some 740,000 oz 
went to Japan, according to Pla- 
tinum 1987. 

While the market can clearly 
take heart from the apparent 
price-insensitivity of Japanese 
demand for platinum jewellery, 
might there not be some 
grounds for concern in the 
increasing role of investment 
purchases? Investors are not 
truly consumers, after all — they 
buy only in order to sell later. 
And had they not stepped up 
their purchases by 75 per cent, 
last year's consumption total 
would have shown a fall of 
nOjOOQ oz instead of a rise of 
20,000 oz. 

Mr Smith does not seem too 
concerned, though he admits 
that the increased size of the 
investment sector “ may act as a 
damper on rises”. 

Brian Nathan of Ayrton 
Metals agree& “Investment hol- 
ders are looking fora profit,” he 
explains. “They will sell into 
rises, which tends to smooth out 
peaks and troughs.” 

"Peaks and troughs” have 
always been features of the pla- 
tinum market. “Platinum quite 
often moves faster than gold — 
either upwards or downwards," 
says Mr Nathan. “The platinum 
market is smaller and more 
volatile — there is a larger pool 
of gold ‘above the ground’.” 

He also points out that, while 
the platinum market is very 
much influenced by similar fac- 
tors to gold, a larger proportion 
of the gold market is price- 
sensitive. 

On the industrial front, the 
automobile industry has 
become the biggest single user 
of platinum. Production of 
exhaust cleaning catalysts 
alone in 1986 accounted for 36.8 
per cent of consumption, up 
from 27.8 per cent in 1982. 

Autocatalyst usage of plati- 
num is estimated to have 


reached LQ5m ounces in 1986, 
up from 910000 ounces in 1985 
and 645,000 ounces in 1982. 

Other consumption sectors 
are quite small by comparison 
with autocatalysts, jewellery 
and investment The chemicals, 
industry used 195,000 ounces' 
last year, Johnson Matthey 
calculates, while electricals 
used 185,000, glass 90,000. pet- 
roleum 25,000 and others 5JM0. 

On. the snpply side, Johnson 
Matthey estimates, that South 
Africa accounted for 235m 
ounces, or 83 per cent of the 
1986 total. That represented a 
rise of only 10,000 ounces over 
1985. while shipments from 
Canada were • unchanged at 

150.000 ounces. The major con- 
tributor to the 70,000 ounces 
rise in total supplies was the 
Soviet Union, with sales up 

60.000 ounces to 290000, mostly 
going to Japan. 

Apart from possible plans for 
new workings at Western Min- 
ing. Johnson Matthey sees “no 
hint of any intention to expand 
production capacity” in South 
Africa, while demand growth is 
forecast to be "steady if 
unspectacular”. 

The resulting price trend, it 
says, is likely to be “basically 
firm but fluctuating in generally 
more tranquil market condi- 
tions than prevailed last year." 

Richard Mooney 


Merchants in 
Precious and 
Non-Ferrous 
Metals. 



100 Gold Street, 7th floor 
New York, New York 10292 
Precious Metals: 212-791-7482 
Non-Ferrous Metals: 212-791-3549 


PrudentiahBache 


MMm 9 awraraConran, **•*•«« 


Metal Ca 



Specialist Metal Services Ltd., 
Woodside, Thomwood Common, 
Upping, Essex CM16 6LF 


Smelters, Refiners, Processors and Assayers of 
ALL precious metal bearing materials. 

GOLD, SILVER, 
PLATINUM GROUP METALS. 

Wm ma n imma retains and a prompt service are the criteria. 

King 0378 74219 
Tlx 818402 (SPEMET 6) 





) 






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.:*.; v ;’.;■: b 

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ache 


Financial Times Monday June 22 1987 

C GOLD & PRECIOUS METALS 5 ) 

Private investors 

More mints are coining It 


GOLD HAS always had a special 
appeal for the 1 private investor. 
There is no logical rhyme nor 
reason why it should be so 
favoured in modem ♦in’es. But 
the _ traditional hoarding 
instinct runs deep, and histor- 
ically gold has been seen as a 
desirable store of wealth, a safe 
haven, particularly in times of 
crisis and uncertainty. 

Even the most sophisticated 
tavestor still recommends keep- 
ing a proportion, say JO per cent, 
of their portfolios into gold, in 
one form or another, as a form of 
ultimate security. 

In recent months investing in 
gold has paid olT. The bullion 
price has advanced substan- 
tially, at least in dollar terms, 
and gold mining shares have 
been a boom market As a 
result, gold based fands have 
been among the best performers 
this year, providing patient 
investors with at least some 
reward after a long period in 
the doldrums. 

One of the main attractions of' 
gold Is its portability andj 
acceptance as an international 
currency throughout the world. 
To achieve that you need the 
physical metal itself in your 
possession. As a precious metal, 
gold provides a convenient way 
of concentrating your gains, ill- 
gotten or otherwise, in a form 
that is easy to store, transport 
and identify as a symbol of 
wealth. 

Gold bullion is the most direct 
way of investing in gold itself. 
But it is expensive. Normal one. 
kilo bars cost a great deal of 
money at current prices, and' 
are not really available to the, 
small private investor. In Bri- 
tain a Anther deterrent is 
Valued Added Tax at 15 per 
cent 

The logical answer for private 
investors wanting to put a 
relatively modest amount into 
gold, and make the most of its 








m 


Safe?*! 




Nuggets come in four shapes and weights 


portability and attraction as a 
physical metal, is to buy coins. 

There is no shortage of choice. 
The ban on imports of South 
African krugerrands in US, Bri- 
tain, and other European and 
Far East countries led to their 
production being scrapped in 
late 1985. But this left the mar- 
ket for gold coins wide open. 

First to try to fill the breach 
was the Canadian Maple Leaf 
coin, using domestically-pro- 
duced gold, and providing a 
coin with a high quality gold 
content. Launched in 1979 when 
Krugerrands were still being 
produced, the Maple Leaf soon 
took over as the world's biggest 
selling gold coin. 

However a string of competi- 
tors has emerged since. The big- 
gest, particularly in the North 
American market, has been the 
Eagle range produced by the US 
Min t under orders from Con- 
gress after the ban on imports of 
Krugerrands 'was imposed. 

Produced in the same sizes, 
but with the added advantage of 
appealing to the patriotism of 
American citizens, the Eagle 
has proved a tremendous suc- 
cess with sales quickly moving 
well above the original target 
since being officially launched 
in November last year. 

In April another gold produc- 


ing country entered the fray. 
Western Australia started to 
market worldwide its Nugget 
range of gold coins, produced by 
the Perth Mint The individual 
names of the four coins 
(Offered-—' Welcome Stranger 

(one ounce), Hand of Faith (half 
ounce), Golden Eagle (quarter 
ounce) and Little Hero (one 
tenth of an ounce)— are based 
on famous gold nugget dis- 
coveries in Australia 

The choice doesn't end there. 
There is the Mexican peso gold 
coins, and from China the 
attractive Panda coins, whose 
reverse design changes each 
year. There is even a one twen- 
tieth of an ounce coin in the 
Panda range, making it particu- 
larly suitable for gifts such as 
earrings. 

Then there is the Angel, pro- 
duced by the Pobjoy Mint in the 
Isle of Man. Produced from gold 
of European origin, the Angel is 
supposed to have first been 
struck in 1341 in France. It car- 
ries a relief of a dragon being 
slain by the Archangel Michael 
on which the coin’s name is 
based. 

The Royal Mint in Britain, 
which has produced gold 
sovereigns for a long time, also 
decided to enter the battle for 
the Krugerrand market. In 


March the Chancellor of the 
Exchequer, who is also Master 
of the Mint, announced that 
Queen Elizabeth “had been gra- 
ciously pleased" to approve a 
recommendation that a new bul- 
lion coin, to be callen the Bri- 
tannia, should be issued in four 
denominations — one ounce, 
half, quarter and one-tenth 
ounce. 

No launch date for the Britan- 
nia has been annoonced yet. But 
it is expected to become avail- 
able to investors later this year. . 

Britain has a history of min- 1 
ting sovereigns dating back to , 
1817 and these are still bought 
and sold freely. In 1%0 the 
Royal Mint actually stepped up 
production of sovereigns and . 
made them more price competi- 1 
live to win a greater share of the ! 
market But they have produced 
no mass bullion coins since 
1984, owing to reduced demand 
and the stiff competition from 
imported coins. 

The Royal Mint will face an 
uphill task in establishing the 
Britannia against so many rival 
products. It will have a poor 
domestic base since demand for 
gold coins in Britain has fallen 
to a low ebb after the decision to 
impose Value Added Tax on 
them in April 1982. 

It is possible to avoid paying 
VAT on coin purchases quite 
legally by keeping them in 
offehore banking centres like 
the Channel Islands and 
Switzerland. 

At the same time there are 
extra costs and paperwork 
involved, and this method of 
ownership to a large extent 
negates a big attraction of 
buying coins — having something 
physical in your hands to gloat 
over and treasure against a 
rainy day when you might need 
a quick source of money. 

John Edwards 


DO YOU WISH 
YOU HAD INVESTED 
IN PLATINUM ? 



Capital markets 

Bonds for the 
faint-hearted 


The Platinum Noble coin issued by the Isle of Man Government is 
the ideal investment vehicle for the private investor. 

Why ? Because . . . 

It is an internationally recognised bullion coin. 

It contains 99.95% pure platinum. 

There is a 2-way market for buyers and sellers with a 
narrow dealing spread between buying and selling 
prices. 

It is priced at a small premium over metal value. 
There are facilities for offshore holding of allocated 
coins which do not attract VAT on the purchase price. 
Current prices are shown in leading newspapers and 
continuously updated on Reuters screens. 

In addition to the standard 1. Troy Ounce Noble other 
sizes are available. 

Phone for dealing quotations anytime of the working day 

01-404 0970 

AYRTON METALS LIMITED 

30 Ely Place, LONDON EC1N 6RT 


“THEY MIGHT as well cany 
options in valium," was the 
comment made by one invest- 
ment banker as the most recent 
spate of gold-linked bonds was 
hitting the international capital 
markets. 

For gold-linked bonds 
become fashionable when the 
nerves set in. 

During the period since the 
beginning of April, bankers 
have responded by launching 11 
gold-linked bonds In the Euro- 
bond and Swiss franc foreign 
bond markets— a far greater 
concentration of these deals 
than the markets have hitherto 
seen. 

Bankers now regard the mar- 
ket for gold-linked bonds as 
mature, though they do not fore- 
see such issues becoming a reg- 
ular part of the bond market 
repertoire. This is partly 
because they do not attract 
sufficient interest from 
institutional investors. 

Gold-linked bonds are really 
designed for the " faint- 
hearted ” gold Investor, who 
feels that gold is going up but is 
wary of buying physical gold. 
Unlike the metal itself, the bond 
provides a yield and capital pro- 
tection. 


These securities having been sold, this notice appears as a matter of re cord only. 


New Issue 


June 1987 


American Barrick Resources Corporation 


Cdn. $51,000,000 


1,000,000 Common Shares 

(Represented by Instalment Receipts) 


The undersigned have agreed to purchase the above Common Shares. 

Merrill lynch Canada Inc. 

Shares Offered Internationally by 

Merrill lynch Europe, limited Goldman Sachs International Corp. 


Such bonds find their most 
natural home in Switzerland, 
because that country's traditio- 
nal role as a centre for bullion 
trading has long made Swiss pri- 
vate investors attuned to buying 
and selling gold. 

It is not surprising, then, that 
the Swiss franc bond market has 
seen the greatest number of 
gold-linked bond issues over the 
years and has been the source of 
many of the innovations in this' 
market. 

Issues in this market have so 
far taken roughly two forms. The 
more traditional type is the 
bond issued by a gold mining 
company, backed by that com- 
pany’s own gold. The more i 
recent fashion is for issuing 
bonds for borrowers who do not 
have natural access to gold. For 
these borrowers, the bonds are 
generally launched with war- 
rants to buy gold attached, 
rather than bonds which are 
fully convertible into gold. 

The gold warrants bond con- 
cept was then extended to the 
Eurobond market, with deals 
that provided a claim on the 
difference in cash terms 
between the strike price and the 
price of gold at the time of 
exercising the warrants. 

In April. Salomon Brothers 
International arranged the first 
gold warrants bond in the Ecu 
market, for St Gobain, while 
others transferred it to the 
Eurodollar market, with deals 
for Banque Nationale de Paris, 
led by Credit Suisse First Bos- 
ton, and for Eastman Kodak and 
the Norwegian Eksportfinans, 
led by Union Bank of Switzer- 
land (Securities). 

Bnt though a d oil ar-de nomin- 
ated gold warrants bond ought 
to be attractive to investors — 
because of the recent Inverse 
relationship between the price 
of that currency and gold — 
bankers are not yet convinced 
that the concept can be satisfac- 
torily transferred to the 
Eurodollar market 

The first crop of bonds that 
emerged in April had their 
terms stacked very much in 
favour of the borrower. But as 
successive deals have 
appeared, broadening the 
choice open to the investor, 
issuing houses have been forced 
to make them cheaper and 
cheaper. 

In the case of HofBnann La 
Roche’s SFr 250m 10-year zero- 
coupon issue, for instance, laun- 
ched in April, the accompany- 
ing three-year gold warrants 
carried a premium of around 50 
per cent 

By the time UBS (Securities) 
launched its deals in May, 


up to the fact that bonds on 
these terms were rather expen- 
sive. The three-year deals for 
Eastman Kodak and Eksport- 
finans carried two-year war- 
rants with much lower— 25 per 
cent— premiums. 

At these levels, the advantage 
to the borrower of issuing the 
bonds is getting close to being 
eliminated. 

“ We are at the end of the last 
lap in this market, at least," said 
one banker recently; though its 
farther development clearly 
depends upon the behaviour of 
the gold price. 

Clare Pearson 


GALACTIC 
RESOURCES 
POURING AND 
EXPLORING 

Galactic Resources takes on the challenges 
and rewards of precious metals mining with 
four major projects ranging from production 
to late stage exploration in the United States. 

In production Is the lOfftfr-owned Summitville 
heap leach gold mine in Colorado, expected 
to produce over 80.000 ounces of gold this 
year. At the pre-production stage is the 
56.000,000-ton Ridgeway gold deposit in South 
Carolina, in which Galactic holds 49%, with 
Amselco .Minerals Inc., a wholly-owned 
subsidiary of BP North America Inc. and a 
part of the BP Minerals International Ltd. 
group, holding the rcmaining51%. Galactic’s 
portion should yield over 75.000 annual 
ounces commencing mid- 1988. 

Galactic holds an option to acquire a 50% 
operating interest in the exploration and 
development of the deep ore horizons 
underlying Cornucopia Resources Ltd.'s 




I van hoc property in the Carlin Gold Belt of 
Nevada. Spectacular high grade discoveries at 
depths below 400 feet have been announced 
by operators of deposits on strike with 
Ivanhoe, where near surface proven reserves 
of 8 million tons grading .043 ounces of gold 
per ton have already been identified. 

Through a proposed agreement with 
Quartz Mountain Gold Corp., Galactic will 
develop the multi-million ounce world class 
Crone Hill and Quartz Butte gold deposits 
in southern Oregon, where a bankable 
feasibility study is currently in progress. 

Finally, the company has acquired 
Hudson Yukon Mining Company, currently 
developing a major platinum/ palladium 
rare earths project in the Canadian Yukon. 

For further information on Galactic's gold 
projects, contact the company's head office: 
935—355 Burrard Street, Vancouver, B,C. 
Canada, V6C 1G2. (604) 687-7169. 





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Id t 


‘V* 



a-* 


Gencor has grown and diversi- 
fied from its beginnings in the gold 
mining industry at the end of die last 
century. Companies in the Gencor 
Group now not only account for 17 % 
of South Afric^s gold production, 
16% of its uranium, 40% of its platinum 
and 23% of its coal but also comprise 
many of the Republic^ most impor- 
tant industrial enterprises. 

Gencor continues to pursue an 
extensive and energetic exploration 
programme both in South Africa and 
overseas. It also spends heavily on 
research in an effort to improve the 
safety and efficiency of its mining and 
recovery techniques. 


Gencor is worfdng today I 

for the world of tomorrow. 


N 5 V , 


General Miring Union Corporation Limrted 

Y5\'.'V \ 















30 


WORLD MARKETS 


ft-actuaries world indices 


Jointly compiled by the Financial Times, Goldman, 
Ltd., in conjunction with the Institute of Ai 


Actuaries and the Faculty of Actuaries 


NATIONAL AND 
REGIONAL MARKETS 


Figures In parentheses 
stow number of siccks 
per grouping 


Australia (94). 
Austria 06) — 


Belgium (47). 


Canada (127).. 
Denmark (39) . 
France (122). 


West Germany (90) 

Hong Kong 145)..— ..... 

Ireland (14) 

Italy f76) 

Japan (458). 


Malaysia (36). 


Mexico (14>. 


Netherfand (38).. 


New Zealand (27).... 
Norway (24). 


Singapore (27). 


South Africa (61). 


Spam (43) 

Sweden (33) . 


Switzerland (511 

UriHed Kingdom (335). 
USA (5931 


Europe (928) -... 


Pacific 8asin (687) . 

Euro- Pacific (1615) 

North America (720) 

World Ex. US (1817) 

Work) Ex. UK (2075) 

World Ex. So. Af. (2349).. 
World Ex. Japan (1952) ~ 


The World Index (2410)... 


FRIDAY JUNE 19 1987 


THURSDAY JUNE 18 1987 


us 



Local 

1 Gross 

US 

Pound 

Local 



Yes 


Change 

Sterling 

Currency 

Div. 

Dollar 

Sterling 

Currency 

1987 

1987 

ago 

Index 

% 

index 

Index 

Yield 

Index 

lade* 

Index 

High 

Low 

(approx) 

13653 

8i82 

-0.1 

-03 

12422 

7848 

12561 

8138 

301 

231 

13668 

86.29 

12435 

7851 

12577 

81.76 

140.95 

30162 

99.92 

8552 

88.85 

8437 

116.92 

-02 

10638 

10957 

436 

11706 

10660 


12362 

9609 

7752 

1275B 

+0.8 

11608 

^KrxVii^H! 

234 

12659 

11508 

122.97 

13607 

10050 

9832 

12026 

-0.4 

109.42 

11258 

246 

120.74 

10956 

112.62 

12400 

9808 

91.96 

10524 

-12 

95.75 

10057 

276 

106.49 

9659 

10173 

12152 

9839 

77.98 

95 JH 

+23 

86.79 

90.73 

256 

9351 

8452 

8820 

10033 

8450 

8167 

121.00 

+0.9 

110.09 

12128 

284 

11957 

10956 


12124 

9659 

7222 

130-12 

+02 

11839 

12532 

358 

12956 

11805 

12469 

13156 

9930 

8391 

100 J?8 

-0.9 

91.60 

99.47 

153 

10162 

92.46 

10001 

11211 

94.76 

77.03 

151.73 

-2.7 

138.05 

13902 

0.49 

155.94 

14158 

14254 

1612B 

30050 

7956 

16935 

-05 

15426 

16409 

231 

170.47 

155.10 

165.10 

17255 

9824 

8433 

266.65 

+3-8 

24251 

384.40 

057 

256.95 

233.78 

36955 

26665 

99.72 

4957 

11938 

+0.4 

10842 


3.95 

11855 

10804 

11148 

12004 

9965 

8837 

10032 

+0.1 

9127 

89.47 

3.05 

10020 

91.16 

8936 

10039 

83-93 

6963 

138.72 

-02 

12621 

12651 

1.99 

138.97 

126.44 

12632 

140.05 

cm 

30032 

14230 

-02 

129.47 

138.99 

178 

14259 

129.74 

13921 

144.47 

9929 

7930 

15934 

+013 

145J6 

11725 

3.48 

158-23 

143.96 

11727 

186.74 

10050 

7934 

115.47 

+0.9 

105.06 

110.79 

366 

114.42 

10401 

109.61 

12131 

100.00 

83.76 

115.02 

-03 

10465 

10855 

203 

11539 

104.93 

10835 

12468 

9055 

PR-19 

%J6 

+03 

87.49 

9061 

L90 

95.41 

8651 

8964 

10456 


8264 

148.06 

-11 

134.71 

134.71 

307 

149.74 

13624 

13624 

15 1-46 

9965 

9951 

12533 

+0.4 

11430 

12563 

259 

12507 

11358 

12507 

32563 

100.00 

10333 

12055 

-03 

109.68 

112.65 

255 

12057 

109.97 

32278 


99 J8 

8801 

149.97 

-25 

136-45 

13756 

064 

15354 

139.97 

14100 


100.00 

79.18 

13825 

-1.7 

125-78 

12751 

1.42 

140.70 

128.01 

129.75 

14334 

10050 

8271 

125.73 

+0.4 

11439 

12554 

256 

12524 

113.95 

125.07 

125.73 

10050 

103.07 

138-18 

-15 

125.72 ■ 

13006 

147 

*COi 

127.79 

13006 

143.09 

100-00 

8339 

13L80 


119.92 

12631 

156 

132.97 

120.98 

12723 

13335 

10050 

9034 

133.08 

- 0.9 


12704 

1-98 

13431 

12220 

12802 

13453 


9125 

124.47 

+02 

11325 

12158 

256 

12426 

113.06 

ixnfrit 

124.47 

100.00 

9653 

13325 

- 0.9 

12124 

127.08 

1.99 

134.46 

12234 

12856 

134.97 

100.00 

9158 


DOLLAR INDEX 


Base value; Dec 3L 1986 ■ 100 

Copyright. Tire Financial Twcs. Goldman Sachs & Co, Wood Mackenzie & Co. Ud. 1987 


Latest prices anavailaMc for this edkto. 


EUROPEAN OPTIONS EXCHANGE 


Series 

Aog 87 

Nov 87 

Feb 88 

Stock 

mzm 

Last 

O 

TM 

■TIB 


GOLD C 

S460 

104 

12-50 

15 

Z63QA 

- 


$44930 

GOLD C 

S480 

154 

7-50 


IB 

- 



COLD P 

» too 

45 

130 

10 

430 

“ 

IHSH 




Jim 87 

Sep 87 

Dec 87 


SILVER C 

$700 

39 

45 




140 

5744 

SILVER P 

S750 

19 

1 

—h 



— 

19 

SILVER P 

$850 

29 

no 

2 



taro 


C/FLC 

FI .330 

52 

3 30 

1 

Kl 


— 

FI 33331 

£/FL C 

FL335 

55 

0.05 

2 

Hfl 


— 

- 

an. p 

FI 335 

32 

0308 

40 


SI 

— 



Jen 87 


Aeg 87 


S/FI C 

FI .200 

’ 

283 

■ 

m 

43 

680 

15 

630 

FI 206 

S/FI C 

FI 205 


748 

1 


46 

260 

24 

360 


S/FI C 

FL210 


— 




53 

1.10 

50 

130B 


S/FI C 

FI 215 


ta- 




50 

OJO 

— 

— 


S/FI P 

FI 200 


— ra 




370 

0.70 

5 

160 


S/FI P 

0205 

1947 


0.05 

200 

2-10 




SiFI P 

FT- 210 


131 


430 

ra— 





S/FI P 

0215 


246 


930 

25 

1020 


W 


VFI P 

FL220 


M> 


14.70 



FvV-^M 


m 

sn p 

0225 


as 

1920 





00 

3/FI P 

0230 


47 

24.70 





" 

snp 

0235 


4B 

29.70 





09 

VFI P 

0245 


30 

39.70 





* 




Sep 87 

Dec 87 

Mar 88 


VFI C 

0200 

■ 

n 




350 

830 

5 

8.70 

FI 206 

VFI c 

0205 


O 


430 


6 

49 

670 

“ 

SF1 C 

0210 


■1 


260 

22 

420 

7 

4.90 


VFT C 

FI.Z15 

■ 

Eff 






10 

330 


VFI P 

0200 

■ 

□ 


230 

10 

5 

— 


" 


Jftly 87 

Oa 87 

Jan 88 


ABN C 

ABN P 

0.480 

0.460 

K^tl 

«3 

10 

16 

1530 

15 

7 

5 

25 

19 

n.47i 

ir 

AEGON C 

0.90 

338 

430 

77 

620 

■ .1 

720 

Fi .93 

AEGON P 

0.90 

33 

L80 

9 

3 

■a 

4 

" 

AHOLD C 

0.45 

54 

380 

74 

6 

■1 



n.96.70 

AHOLD P 

FL86.40 



50 

0.70 





AKZO C 

0240 

1959 

580 

375 

10.70 

158 

1330 

FI -14360 

AKZO P 

FIJ40 

401 

130 

252 

430 

142 

620 

AMEV C 

0.70 

328 

0.70 

18 

2.10 



FI 6460 

AMEV P 

030 

17 

060 

21 

160 

■n 

3.10 


AMRO C 

0.75 

172 

130 

610 

330 


4.708 

FI.7430 

AMRO P 

0.75 

35 

2 

18 

4 

■fI 

430 


ELSEVIER C 

036 

85 

0.70 

& 

230 

E3 


FI 31-80 

ELSEVIER P 

FI32 

13 

180 

330B 

— 

— 

GIST-8 ROC C 

030 

a 

0.40 

42 

120 

la 

220 

FI-44 -50 

GlST-BROC P 

FUBO 

Z 

1 

030 

1 

120 




HEINEKEN c 

49, 

2.40 

124 

6-40 

— 

— 

FU76 


FI270 

34 

L30 

3 

4 

— 

— 

H 

1 -ffl-iWfl 

0.40 

364 

3.70 

26 

4.90 

tara. 

— 

FI 4260 


0.40 

134 

080 

43 

2 

20 

3 


KLM C 

030 

2820 

3 

1987 

4ja 

2B6 

5.70 

FT3230 

KLM P 

030 

293 

0.70 

385 

2.40 

189 

330 


NED. U.0VD C 

0.150 

28 

130A 

80 

460 

— 


FU42 

NAT. NED. C 

0.70 

405 

13 


395 

530 

20 

680 

Fi.n^o 

NAT. NED. P 

H 

242 


58 

560 

5 

6.70 


PHILIPS C 

1447 

2 

1297 

4.10 

103 

5-10 

FI 30.70 

PHILIPS P 


K'-l 

220 

377 

220 

204 

320 

00 

ROYAL DUTCH C FI -260 


640 

77 

1020 

43 

15 

FI 263 30 ■ 

ROYAL DUTCH 
UNILEVER C 

P 0270 

239 

m 1 m 

S3 

13 

-TOO 

— 

* 


■ I 

16.90 

101 

35 

76 

42.908 

FI67830 

UNILEVER P 


LJ 

560 

107 

15 

49 

2130 

" 


TOTAL VOLUME IN CONTRACTS; 5^509 
A=Ajfc 8-Bid 


C-Ca# 


P^Put 


FT CROSSWORD PUZZLE No. 6,358 

COURTIER 



York 

...(6,5) 


twenty 


ACROSS 

1 Former site of New 
supreme court action . . . 

7 ; ■ ; ™ here voices are raised 
briefly (3) 

9 I follow many an article in 
starting a country toy 

10 Racketeers begin a two- week 
operation here, today (9) 

11 Press after river alloy (9) 

12 A Elm about titled ladv? (5) 

13 Resorts to lists (7) 

15 Secure one of 

normally (4) 

38 Place of breeding (4) 

20 P lay about a bird . . . v „ 

23 . . . hatched from this shaped 
object, no doubt (5) 

24 Illegal circular or protective 
clothing . . . (5.4) 

25 - ■ - against this flying tip. 
perhaps (9) 

27 Settle for sleep or return to - 
the drunken sot (5> 

28 Moisture content in home- 
made wine? (3) 

29 Vain gals! You have become 
European ( 11 ) 


<7) 


DOWN 

1 Propellants for soft-hearted 
airmen 18 ) 

2 Such cheek to follow c oar se 
head (8) 


3 What about a direction to 
start a strip of mown grass? 
(5) 

4 Peddlers bird, mostly hers . . 

- (7) 

5 . . . wading bird, flabby and 
mostly benign (7) 

6 So many men about. It almost 
completes the festival (9) 

7 Patterns are seldom changed 

|6) 

8 Game set up In backward 
hotel? (6) 

14 Choice that's up to her to 
take bearing in river (6,3) 

16 Pasta in the tube? (8) 

17 Framework or keels 
arranged on weighty founda- 
tion (8) 

19. Many a barrel in cultivated 
example of 23 object (4.3) 

20 Poetry In the main (3.4) 

a* Charlemagne's legendary 

/'nephew, associated with 
Oliver (6) 

23 Break down the clods — at 
school? (6) 

25 She becomes typical before 
fifty (5) 


The solntion to last Saturday’s 
priu puzzle will be published 
with names of winners next 
Saturday 


FT-ACTUARIES WORLD INDICES 
At the quarter-end review of the FT-Actuaries World Index, it was 
decided to include two new sectors: Europe Excluding the UK and 
Pacific Basin Excluding Japan and to make the following 
constituent changes with effect from July 1, 1987. 

Deletions; Fors Mafnia (Denmark); General Biscuit (France); 
Hartmann and Braun (Germany) and Perugina (Italy). 

Insertions: Emperor Mines (Australia); Ebes AFV (Belgium); 
Laidlaw A (Canada); Mafriia Investment (Denmark); Schneider 
(France); Feldmuhle Nobel, BLA-N. and M.A.N. pref. (Germany); 
Butoni (Italy); Orkla-Borregard (Norway); Inspectorate Group 
(Switzerland); Caior Gas and Rolls-Royce (UK); Breakwater, Encor 
Energy, Galactic Resources, Kelly Douglas A and Nowseo (US). 

Goodman Fielder will be reclassified from the New Zealand 
index into the Australia index. 


BASE LENDING RATES 


ABN Baft 

Atei&CoMpaq_. 

AIM Art Bk Lid 

AKtdMr&Co 

Alfed Irish Bat 

tartan Crl 8k 

Jam Baft 

HevrJ 


ANZ Basking Group 

AmdaoCapCap — 

Aktoftr&CoUd 

Bam)* Bito. 

BnAKapufti 

Baft tarn (UK) 

Bank Credit & Cana 

Baft of Cnns 

Bafts! Iretod 

Baft of lofta 


BaqcBfeUd„ 
todays B*k — 


Basina* Ta Ltd 

BeneEcsd Tns Ltd — 

BcrfcwBaftAG 

Brit Bkrfktt Eat 

• frawSadtr — 

BMusHtgeTa 

CLBafcfetaM 


CanerUd- 


• P ale tot Bad. 
Gtito; N A 


CO Mentos Barit 

CijdRfcfe Barit 

Com.BLN.taa 

CocriidaMfCred 

CtHxwatiwBa*— 
Cyprus Pofriar Bk — _ 

DoRtaaLaxrie 

EqiatVI TslCppIc 
Enter Trust Ltd — _ 
Ftodri&Co.S«c — 

FMNa.rn.Cep 

rntNX.SK.Ltd 

• Robert Flevang & Co_ 

tobet Fraser 4 Pin — 
Gntarit 


GriafapBari 

• (kftwn Uafem 

HFCTmd&Saftws 

• HartreBart— . — 


la 


feriUNe&GBLTtf.. 
• HU Sami 


C-Hae&Co- 


Htoto&Skto 

UfiMBwfc- - 


Ktoaj&SoBLid — 
WtadBMi 


• MognCmfefl 

Mart CraS Cora. Ud_ 


% 

9 

9 

9 

9 

9 

9 

*9 

9 

9 

9 

*2 

9 

10 
10 

9 

10 
9 
is 
9 
9 
9 
9 
f9 
9 
9 
9 
9 
9 
9 
9 


Hal Bk. of Kama! „ 

MfatoSUr 

Norton to* Lto- 
ltomchGen.Trrt— 

PK Frans. Id (UK). 

Prmwial Trial Uf — 
(LHapto&SoB. 

Rorhnrgtie GTaiiee 
FMBkafSaxJasl- 
BajaTrssBaft — 

SsU & WClrai Sea 

Started Ctaristd 

TnBtoSanrtM 

UDTNotppExp *111 

Unfed Bk of (tort 9 

touted kimM Baft — 

UrtjTmaPLC 

WeaeniTnEL— 


% 

9 

9 

9 

9 

10 
10 
9 
*2 
9 
9 
9 
9 
9 


Wfipx Baft. Cep — 
WUeaKe Laato— . 
Yetfere Barit 


9 

9 

9 

9 

9*e 

9 


of the Aocetxkra 
noovn Commliiee. * 7-day 
deposits 4%. Sarewfce 666V. 
Top TJpr— ££500+ at 3 Bentos' 
notice 7.97%. At call «hen 
£10,000+ remains deposited. 
3 Call deposits £1,000 and over 
4ij% gross. 1 Mortgage base rate. 
$ Demand deoosit 3.99%. 
Mortgage 1LZS% 


LONDON RECENT ISSUES 



Financial Times Monday Junej2_1987^ 



AUTHORISED 
UNIT TRUSTS 


Brown Shipley & Cg Ltd (aKl) 



Hendenon MmatbfnttMt— CortX. 

0*13X6462 Exempt Ftrtd* 

- HuPlMCWIV 

! SraHroCm ,OTOT 

E»»w - — s“ | 

Jaoan U* 8 * 

Amencift -jjjl 

K wlem 1“?- 

drat. Tu 370.7 


M 




76 Brecon* Unrt Trust Mgmt LtdfaKcKd) 

__ Hoketh Hie. PurMU" So. ttIH 0JR 01935 

lunCiMk ._ :M7 177.71 I M* 

*9-^ Hz Backmost er Management Co Ltd (a) (c) 

LP> Tt» Stnci E*diaoac. LWm EC2PZJT c 


oj SS Fidelity fnvestrwrrt SerytMS Ltd 

Xd) P.vrr Wi». Tta Wiftgc TN* 1DY 

S-TOUM ““‘'’CSfckm 0800 XS416L 

Bnw D-iSaq 0800 414181 


Mesmoss Unit Trust Managers Ltd 
9-17 Pernnqm Rd. Hayward* Heart, W Snare 
0444 412265 , 

Fma izjo uori 

Canine 1 100 8 1072 


Cjunlani Can ■ 


Fmimbu Tb Jrae L5_(70 2 
fttun Unm IS — >'0 3 

OtttV In J«* IB ’W b 

lew unii JB'»e 1B_. tJSJO 
lamJinrll--. -^404 
iduua urailJoat 17—3256.7 
l»4iHl im 16— — UbO 4 

il)*HiJmlbJ213* 



AEtaa Unit Trusts LfcKaXbHc) 
401 Si J<ft» Sl Lama* CCIV 4QE 

Em(_ 



Sahw- U\ imt 14 — |;t» 5 

I6cnw UMsIJunr 19—J1114 
B umm e Unit Trust Mngmt Ltd 
117 FeSdnntfl St LocOoa CC3M J4L. 01-»8p72)6 

SSert DU Wt & FI l*9J SOjS - . I LM 

“fs CCL Unit Trusts Limited 
3 75 74. Skeahenli Buto Green, Ldo. BSD D^T*? 70 ™ 
040 uoomw-Tto gg $$ 


liwun'ii 

a mt' Ea. 

aner. Sere SntU 
AinUelieT'eni.'i- 

Eunnrae IMret 7* 

Zmwnm rnmiii - 
F.vnan T« Li> — 

Fm £jb rae7«lil 

&I|6 rad i™ trl 4 
tauead Cnn»»"iW Tb. J 260 

Ml 6 l« 7vt III 1 US J 

JB» StNW 1 SB '-■> 


JjpMrifrwM l?l JjW 


mmbmmk To ui _ . 

Maa. i"C- £* Til til— j 

SoetbE IMTutii j 

Spro*i Sin la 



Hexagon Services Ltd 
28 Rd. Romfmt) RM1 3LB 

mew — :. " -_ b ia8 nil 

rMbflfl— f»5 4 102 1 

Canmaii read* LUli 7.9 Ml 

-Oejuru [mt B n * w der 


070045322 


15? HighcBffe Unit Trust Management United 
BOT 69 Lyminaton, H3BtvS041 9AL 059071234 

SM S*c*rtic«A«I7.J2S.9 27.71 - 1 400 


16111 

UU 

930 

2688 


Z Hit) Samuel Unit TsL Mgrvt (aXz) 

0 K NLA Tearr AddacaiAe ffort, hm 01-6B6 43S5 


ISt Burnt 7«IT 

oaj thicwHJiTi 


CIMTmu 


H£ cs Fond Managers Limned 
S.4T 125 Ulpb HiMbOro. LaBdM WC1V 6FV 

— — - to. 

61 

10V.9 146 

> STB 43.4a 

1 82 Canada Life Unit Trust Maps. Ltd 

2-h Mnh SL Pourrs Ba». Herts 

aJo Can.G-a IXl llSSJ 

061 
Obi 


, „ Robert Flwmng & Co Ltd 
100 25 CokmM Ate. Lonhxi£C2R TOR 

tanEHbB'bW tOJJt *1037 

01^42 1148 vGmrW Limei (4*> - UoJl U4JSS 

ioif OJ? ij£E«ajutH 948J4 6104 5 

"a L84 tS5prSt~yl»31_ 58300 

J.3 043 rt»rsp Trou 12531 ZJ C1026 

J-J 11 , rtimtbomM 


(qlOB»»Tr«l 4W7 2 

iglEamNn t* U44.9 

lb| firEJ-J 4)641 


01-6385858 
US 


tgl 

IS) FlauKOl Tmt 

IblbliAFadlm tat 


Z.47 

058 

500 

SlBO 


Do. 6m . 


Da Inxmr Dr» JIW 6 

458 Do ,K - * aOT - - ■ F )4* 


jlSSJ 

i I — C47.7 

11036 


95 a 1 M 6 Fid. mo. Tran — WJ 

0 B 6 Cannon Fund Managers Ltd 
"g I 0 Nn*K War. We»*n. E " 8 
'S 01-4028876. 


070; 51122 Framlhigtvn Group (a) 

London w«j 8 tags. Ejp2M 5NQ 

r jrouaa 

Until. 


Drama: 0800 282621 


ASed Dunbar Unit Trusts PIC (aXo) 
AIM Dtdbor Centre, Smtt, SN1 ILL 
10743)2829], 
sribmrd Tmti 

OroBWAIacTruB U768 

rnulTi.1 




imoiiUMU— . 
dmrrnMrA 6>h 
imanUnai- 
tinmnFd. 



Mto ag M '^Ltd 

o*m mm vox* VIS toS" I ecw n ab gu 

1*7.4) -Ml 2rt toud ~ ]Si? liSd -j 2 JffJ 

ItonnAaimaiUI '3UL 


0 74 


Amer Spec 5tsTu M3 

EmpM’GnmtbTa— 471 9 
T«. 


PlOhcTB- 


1090 

~£i 


Sea ol A«m T<»— — STfcZ 
Wonmridr AH vai Tti — £45 

•tom* tjmui 

Ami Vd6n T« J31 J 

CamMr 6 C« T« — *5* 

SeaUn Co.Tn.. 206 6 

2ed Sab. C 0 \ Ting 7672 

He c o a n 1 Tnm 1)66 

MnOia CdQTU. 1 18b 



7792 

SaoBlmCfl El. Tg— >060 

U55.Ed.Tx. 061.9 




Aatbony WMu Unit TsL Mgmt Ltd 


WMinacmUl '3125 JUJ* 

Z43 Capital House Unit Trust Mngrs 
_ Cjortj! Morse. Festival Swrr, Edrtwg d. 

031-2284477 Oe ll i ng 0600833561 

JS S«x>r»Cm-UiTa , *>-&7 2SJI . . I li» 

4 m lmo»*ACn»B>Tn__to5 

7 jra 1»4 

“ 4mmCmUiT«:i— -jg5 
-041 1 58 AramGmta rsi!l-i4.7 . 

^'4 ra UROronbtu. — t -4 -" »-4 

-il« o« CenL Sd. of Fin. of Church of Engkndtt 
-M 051 2F^3tt«LUmto*ECZY5A0 , 01^881815 

IdrF— BMjt 11— 4 51679 I 4 5/3 

FadlnSta 31 1 151-b5 | —.1 4«1 

MFdUnll — TZi 1000 I — 1 43 

Charlncu'CharisbaretJ 
ajKtrpWmianiareei EC4 

OiaeKoidtanr ML— 4 1793 

Duibico Aa JdPf 10 WHO 

Charities Official Invest Fund# 

2 For Street Undo* ECZVSAQ 01-5881815 

lwmcMj,31 J 48130 4J6 

AounbUf 31 .< 1*6363 1 1 — 

Chase Manhattan Fund Mngrs Ltd 
72/73. Basmqtull St, London EC2V 5DP. 014066622 

SACSeecSm L- — (769 *L<«j| 055 

uGtgt bumm FrtJXa 31.71 . .. J — 

Clerical Medical Unit Trust Managers Ltd 




<bt NiwYifW Ta [90 W 

OOtimme Truv — [117.Z 

lol lari Thm 

(SUdDWlNtiTB ._ 

>«l Nn. ftmdi»W»T«_h3 S 

<nl SeenniT TniU (J71.7 

■tar SnXIer Cm TB 11468 

<61 Spec. 5m Ta 11402 

l9)U&SnaieTC0B — 


IBI Fund Managers Ltd (a) 

32 Queen Anne's Gate. London 5W1N 9A8 01-222 1000 

IBIBMLM KM 14666 176.4 - -4 14 

■SI UcPInTU — — — -go. 7 H2 

IBI livTus ___>43 998^ LM 

‘H 1 fail'll* Fn I JBt 8B5< ... J tM 


Key Fund Managers Ltd (aKg) 

35 FoonUBi St, ManOWVee M22AF ™364779 
r?5 KerEadtrAGm -fc55 69.4) -O^ LI7 

ncFd— __|M75 


KerCeiA n<edin 
Km Hmbcr Inc ~ ' 
" Kn Irani Fd 



Robert Fraser Trust MgL Ltd 

29A8ienarlFSt. Londoa Wl 01-4933211 

RUL FraweCmdL To. UB55 lVTal 1 180 


Friends Provident Unit Tnsts(a)(b)(cKz) 
Carte Street, Sahrtdiy, IMIts, Tel: 0722 336242 


’jo LAS Unit Trust Managers Ltd 
££ 93 George Si, Edwfiuigb EH2 3JL 
US Imi. Emvlb TB <62 

LAS Inc A6lb Tu — — ruJ 

LASM. Aner>CH EoeHy . 715 

lASUK£qu4,Ta 623 

LAS J*pJO ses 

LAS European «65 

LAS Cilia me — SO 


LA5Far£*SU 


4908 
<93j -CU 058 
743 -o* 3.17 

335a +0-4 

6M J 14. 

] 0» 
DM 
4.90 

oo 



T.P.FnedliAOHL.. 
Oa Aaim. 

F.P 1 

Del 

FJLNBttl 

rP.Fmklan. 


741 -65) Z.U 

4463 -11 3 231 



L & C Unit Trust Management Ltd 
Plercy Hoc*. Capstan Am. ECZR78E 01-/ 

L1C la. Food 654 J 667 tj 

LAC loo A fie* Fd llMJ 32D8> 

-ill 105 

f«3 +?Jl Laurentiaa Unit Tst Mngmut Ltd 
2244 — 4 . 7 ) o 22 16 Budungtam Gate. London SW1. 01-826 6115. 


CmnlTnd. 


J17D0 179X 


Fuads m Court* 

26 Fmdany Sq. EC2A IDA 
C+nUI Juris (SOLI 


WgaVicMAaria 43044 

■ipugU. Remtcud u inrtn mkr Coan c nW 


VO 

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307. 


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under oa w. Inc. — [121.4 
Oa Accaia — — iJlSaj 

Wnetei Ibtrti tec Fd EU 


01-377 1010 Narrow Pla'B. Bnuol BS2 OJH 


6. & A. Trust (a) (g) 
5 ItoNriH BOdft Brenmood 
S4A 11688 


y r-j 


085 

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35 


DrMonGrM 

Eadlr* 


Archoay Unit TsL Mgs. Ltd(aXc) 

31 5o< Street Loadon EC2U 2QP 070B453Z2 


MgbYi'MttatTFd- 


li ::J 


26* 

1.40 

<27 



Aikvrrigbt Management 

1 Rim 5L Bsictvuer MbO 3AH 


AMnw^a OU Jar lb_11065 
Jwl6_IS9.9 


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JjOWCnMIb — . . _ __ 

P/Oare Groat* Tr%a_p5J 

Scnud 5>u -Jrt9 

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S. Httfa'v 1 Uneentaft. EC3P 30Q 
061-832 0242 OtiluV 01-686 9818 

S3 ::J 5oo Sff 


(0000)373393 

J7 * 1 ^ GT Unit Managers Ltd 
K -OLSJ 35 Blh Floor. 8 DeWMHre Sq, London EC2M *yj 

01-2832575 Dealing: 01-6269431 


01-9366647 
I t V 

." I 96i Lazard Bretben & Co Ltd 

23 MoorfleHt% Loadon LC2P 2HT 

UolT^ J 294.6 

Income & Croalh_— JnU 

Inane — 1400 

SmBICmCalb 1 9-1 1 — I20L5 


01-5887721 


0277227300 
178.4 -LSI 2jH 


Asset Unh Trust Mngrs LM 
PTiftt Hse. Fenctwdi 5L London EC3 01-220 7231 

GraaU Fad Jaa 19—0247 13l.l«f +54 117 

rFMdJawlsZIJUS.* laS +23 iil 


Atlanta Unit Managers Ltd 

LtonbWMil, 2 Mill St, London SQZBO 01-2321415 


F»Eaa__ J 1006 

AtlaulMi JUU 

Aeon Urns J1375 

AUM+Hao Income — 4 tab 

AlunuFdkiTa j 1*0 7 

tom linoen ^—, 21 X 2 

AUIMJ UK Groan J03 

Ataou Mi An. Fa..— Jyu 



CU (VBrFdoide Spk Sdt 

Confederation Funds Magt LM (a) 
SOCtaocmLanr.WCZAIHE ^ “ 
C»0B=E*m« J475 *g 

377.71 

Sautter ... 

Uodtd Sum Exempt — 1975 
CombU Unit Trust Mngrs LM 
6.73 PO Boo 136. BeeleotafjL Real 883 4XB. 

UK Emily '* — IW 7 B*. 

UK Emory Acc got, 85. 

law Im & Arc &9 65 

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UurdJdpSpxGaTO [715 
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Gartnwrt Faad Managers (a) (cX«) 



L3* ? Si Marr fee. London EC3A8SP 
1-39 UeoM^ mdy. 01-623 S7M/5B06 

AmerftOO Tn>o (|) 

01-4784050 Annraiun TreB 111 

“ ^ _ Bnu*T« i Accra) 

_ Da (Dvs.1 

»3 tt.i w . A ia UK Sop to— 

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01-6231212 


r» E» Trvftlzl . 
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Bailie Gifford 4 Co LM 
3CMitmLBSLElMwr4i 
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County Unit Trust Managers 
EC2V6EU 


161 OmisMr. London EC2V 6 


, sunned E*nl Hoy L 
Penmri IW7»* 15. 
PerwBi UK tttr 15 
8G11P4A- 
•CAaerisi. 

■07, 


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— KZ6 



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taom Geoare To. iTLO 

N«di Am Craa Ta 1224 

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184 

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HooqKoboTnoi Iil 

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let) Frf IftTn 

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OWi Energy Tnnl 1 


JK Sen. Co Brt. IraH.J 


76J 


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29J 

340 

341 
426 
1123 
2065 
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812 
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300 
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356.4 

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■nc AGflll Prop Apr 30.. 
lateb-Lwh HotMq 19 



Legal A General (Unit TsL, Mngrs.) 
ICC toner. 5 Rayleigh Road. Hunon, Bremaodd 


K 60 
030 
0.40 
0.00 
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050 
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080 
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92B 

OJJO 

17V 


iff 


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tap m eie fall 67 4 

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Nahral Rnaarcn 1052 

Nmi American.. 415 


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& 


Baltic Trust Managers LM 
20 ChKweO SL LandBn E Cl 74 77 


EQUITIES 


lime 

AMI 

Paid 

Laas 

flEB 

Mack 

CtOSM) 

Pnce 

i 

Net 

Dtv. 


Grow 

YWd 

P6. 

Ra» 

Price 

• 

Date 

[3 

ra 


4132 

FJ». 

30/6 

203 

155 

B.D.A. Hides. 10p 

203 

+3 

L2.5 

F*i'l 

1.7 

222 

<7/ 

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* 

122 

90 

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120 

-2 

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32 

19 a 

477 

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96 

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192 

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6/7 

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210 

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240 

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185 

145 

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tij 

22 

215 

T23 0 

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297 

27B 


292 




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1.7 

256 

an 

F.P. 


184 

173 


184 

+5 


— 

— 

76 

$56 

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1777 

82 

75 

4d* Morgan 5p 

77 

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RLO 

4J 

16 

186 

$170 

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W 

205 

188 

HamhrtH Adr.Tedi Td 

190 

-2 

— 

— 

— 

rota 

$130 

F.P. 

3577 

170 

163 


168 

+3 

R16 

42 

L5 

22J 


F.P. 


120 

BQ 


113 

...... 

— 

— 

— 

— 

125 

FJ*. 

266 

190 

180 


188 

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R26 

3.1 

LU 

24 6 

183 

FJ*. 


98 

88 


98 


— 

— 

— 

— 

1* 

F.P. 


112 

94 

Rner&Merc Cm IZhS 

112 

+J 

— 

— 

— 

— 

99 

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— 

103 

98 

Da.KK.12hp 

98 

-1 

H5.67 

— 

7.9 

— 

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35 

18 

Da.WtS.22l7 

35 

...... 

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— 

— 

— 

95 

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_ 

102 

98 

Do Stepped Prf 12>tf-. 

100 

-2 

H4-20 

— 

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— 

170 

85 

23/9 

154 

120 

WK-R^ce 20o 

120 

-3 

W4.99 

2.7 

33 

125 

TWO 

F.P. 

rota 

103 

9/ 


97 

-3 

— 

— 

— 

— 

$125 

F.P. 

1*6 

700 

155 


185 


u3J) 

24 

2.2 

253 

$92 

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2Vb 

100 

9b 

iSborahilaa 5n — 

96 


ul6 

36 

2J, 

165 

59 

FJ*. 


162 

135 

Seuto DoclnSp 

160 

...... 

025 

— 

2J4 

— 

145 

F.P. 


195 

260 

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160 

—8 

Rl-1 

42 

9.4 

348 

$125 

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167 


<0aC«qpSp 

Ed 


uZ5 


2.2 

236 

$130 

F.P. 


182 

SI 

Warner Ho*art5p 

11 

-2 

R266 

rfij 

21 

232 

135 

F.P. 


oa 

El 


BSl 

-3 

R40 

Ej 

32 

120 


FIXED INTEREST STOCKS 


toe 

Price 

C 


{95.982 

$99-239 


«95221 


998221 

TT 

#98105 


Amouni 

Pad 


NTI 

F.P. 

ES 

FA 

Nil 

FJ>. 

£50 

£25 

£10 

F.P. 

Ml 

£25 

F.P. 

F.P. 

£25 

£40 

F.P. 

F.P. 

£25 

FA 

F.P. 


Date 


3011 

207 


28*8 

24/7 


29/7 

11/11 

7/7 


210 
139 
is n 


no 

1017 


1987 


High Lew 


Uapra 

115 

28* 

99(. 

34(to 

147p 

50V 

St 


IOC. 1 , 

27Mxn 

”5 

42 

106p 

174fl 

26>« 

320p 

1QU, 


98 

Sh 

96% 

Z7psra 

106# 

50,1 

2V, 

12 

99tt 

2ftl» 

23 

2Mp 

UOo 

23b 

XV 

2018 

172S 

23), 

106o 

991, 


Stork 


A 09 tBiW.Cm.Red.Prf. . 


Soradme Jim. 15% UncLd. 2007*12 _ 
Cta&CdMiia9%%liiMLDb2027 __ 

Darts EfiL 107*% 1st ML Dtb. 2012 

Dnun 6»a% Con. Cm. Red. PI 

fGttsrt Ljeds 7% Cm Cm Rtd Pf. (£1) . 
Gown Swttgie l»» Tst 9%% Ota 2017 _ 
CLPonlMdEsts.9i2%lBML0b20Ui - 
Mid-Saotoera Water 7% Red. Pit. 1997 __ 
NaDomndeBjl sc Bds 20/6/88. 


NSBte&LartBpeCnvCoaRedPrf{£l> . 


NdrthMsesiag Assoc 8V&Gidla2037 — 
Oo. Zero Cm. La 2027. 


P80 SbU. Wants. 1988-92 (Am. Wrro) 

PoKhey Praptcty 9^% 1st Ut.Deb.201S 

Pref 9Vc 1st ML Deb 2011 


Prowttng S3% Cum. Red. Prf 2002 (O) 

Da 13%% Coo. Pit. till 

Scot Eastern Ish.Tsl 9%% Deh 2020 

Spang Cm. Com. Red. Prf. I20ol 


Tr Ind & Gea Tsl 10% Dcta 2016 


dosing 

Prxe 

C 


Usom 
125 
27 % 
93% 
34ppm 
M7p 
50% 
24 
12% 
100 
22pim 
24,’. 
295p 
lb8o 

40>? 

106p 

1731,41 

24% 

120a 

99% 


*?• 

+1‘J 


-2 


“RIGHTS” OFFERS 


toe 

Price 

Amoofti 

Paid 

W 

Urea 

RenuftC 

1987 

Date 

B3 

■a 

210 

NU 

24/7 

81pm 

« 2 pm 

136 

Nfl 

24/7 

B3pm 

76pm 

350 

NU 

23/7 

90pm 

48pm 

»1 

Nil 

19/6 

62S(m 

173pm 

625cts 

Nil 

m 

130s* 

80 pm 

DM450 

Mi 


32Spm 

252pm 

29 

NH 

24/7 

271ft* 

15pm 

2SO 

NH 

22/7 

100pm 

aspm 

210 

NH 

29 n 

66pm 

44pm 

397 

Nil 

son 

4ltom 

15p» 

265 

Nil 

15/7 

114pm 

84pm 

Kjfl 

Nil 

— 

15pm 

4pm 


NR 

107 

86pm 

«*■ 

21 

NR 

17/7 

9%pm 

7pm 

345 

MB 

17/7 

99pw 

60pm 

575 

NR 

H/7 

BSpm 

67pm 


SiocE 


Artagtnn Seanrun 10 b . 


Bank Iretond oa. tlr £l> 

Berkeley Gfnw 
BiainmairQ — 

! Coast 


Dedtsche Bk. Dm50 , 


Eptaue Hides. So. , 

tFKSGnusSo . 
HarimadlOp . 


94CLP Grasp So - 


Kennedy BraoteslOp 


MBmaoBnn.Pfd.Xlp. 
ftacktH.tJJlOp — 
Qodc lQp _ , , 

May Homes 


WCRSGra-lOp... 


Closag 

Price 

P 


71pm 

78pm 

90pm 

230pm 

80pm 

325pm 

27‘ipm 

95pm 

62 pm 

35sm 

109pm 

llm 

86rt* 

Tiaw 

97pm 

85cm 


-10 

4-2 


+25 


Rmnuatton dare usually tel day for deadng l«e of uamp duty, j Annualised dim! end. h Figures based 
on prospectus estimates, d Dnrideta rto part or w ol «taiwl. 1^ ta dwdert on full 

casftal. a Assumed drodend and yield, h Assomeddrt^aKl yreld alter se» nsue. F Dividend and yteld 
based on prospectus or other official estawtes tor 19867. H Dhidend ana Vela based * pnwwaw or 
outer official esumaus (or 1987. L EsinMUd amvaloed drinfenO. cover anc nit twicd ta laiesi amwal 
eamlngs. R F«caa annualised dividend, cover and Pfc me teseO on arowui or osher nffltial estunmes. 


W Pro Foma Figures r indicated divldenas; cover relates u> prev.ous dividend, o-’e raita bawd »■ toieM 
tamiri eammgs. u Fflrtto, Of estimated aenuaUsod dtadert rale, eoier based on pier ibvs yt ar-i Ki/mngs. 
9 Issued by tender. B OHertd boMen of ordinary stares os a ’vljms." n D IntrodLCtoxL ~ Is»edb7»iay 

rf udtriKatloa l Pitt^Qdria 46 Reintroduced. '1 Issued m tonnearoo wito reorganlMtita merger w 

(Atsor. ■ ARotmoft price. 6 Unllsud soaaflies marbeL Tt OUiciaf Lordm listing. U Inctodhig 
warrants antittemem- | Flaring and offer lor sale price. 



JccMfiGw 

Setsai SamatoB 


Crown Unit Trust Services LM 

Cnmn Hone. Woking GUZl 1XW 

Cfomi Anenui r« [1418 1501 

Crawi EnraoeanTu [1273 1352v 

Cram Grown Trust DlZJ 332. 

CroMHWInc.Tnat —DM2 3661 

Crown I vu T«r<» Tv 0363 Itafe 

Ciw i III nmi Tg 12103 223.1 

kil oio Crusader Unit Trust Managers LM 
■ J 906 Rrraate. Surrey, RH2 88L 
“to 9-11 European Grwm. 

Euro Sp»t 5ns — 

■wenatuul Inc 1 

MU 


155 

187 

087 

L12 


defeat Asset Manageneut 
GAM Sterling Nao ig t iM C ii t LM 
12 SI James's Place. London SW1 

GAM £ A Iml Inc LlPAS 3145i 

GAME 61nl Acc fl044 314 9 


25a Leonbie AtfmbustratiMi LM 
H 20 CaomanAve. London EC2R7JS 
030 CmOwttmlan __| 772.7 287J 


Lna Accarn. 


J3334 


J5A9 


J7595 

a® 

040 


GAM UK Special Inc, 
GAUUKSneCutAcft 
0*86224933 CAMH Ameroa lj 
067 


GAUM. America ACC- 

" GAM Far EM IK 

GAM Fw EauAcc 

Xsn GA**Pee*OnWvdet. 


_ GAM PevA Arty URT- 



Lloyds Bk. Unit TsL Mngrs. LM (a) 

-in n? togisirar's Deo, Gonn+bjr-Sea, Woniwg, W Sussu 

:S3 SSis 2541 »«sa»B 


-J244.0 


On lAowLf—... i«53-2 

ConU. Eingt GraMA__kS5 
Da (Aconvl.. 

EneTOi '« — 


Barclays Unicom LtdfaXcXg) 

OnwiniMo.252BninloitllW.E7 01-534554# 

3 101_.?ri ♦9-4) Drt 

Do owl Act. 17*3.5 


P*U,c Grown—. 

Ua Grown a». 

UK Grown Ow J7BJ 

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478 

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0737242424 Covett (Jote) Unit MngL LM 


German Grown. 

Do lAmeni 

liftDmv. 


us +mx ua 


-iri a*o 
-ZP| 280 
280 
480 


Do And. ML—. 171 J 

BAC4MI4I MX 

be EvroGwu Ace. 727 

OBLCmoGwk.lv 724 

UTOisra Ewnw Tu—— WOX 

Da ErtfJ Income 103 6 

Oa FIaabMI 761 

OP.MO MBA 

Oa Cm real. JI4S8 




Ds.CinAFvLIaLli 

Da Sra^ttlee. 

Da Inesme Troa 

Da lift I won* Trod — 1572 
0 a Jjojb A Gw To Ace ^*3 
Oa Jram6C*+Tu la.HU 

Oa Lerurr 7«tUi U108 

Oa Baviii — —....[2921 
Da. 5*6' Cm Ta Act — PO 

Oo Savl. Cm T« I 

Oa Sumuiiils 

Oa. TrtHfeeFmd Ell 1 


Do Um.Tnrja— . ^ bl l 

Em UBtvTrtaJBC.— 635 

Do WUWdc Tnnt 161 6 

UMLIiiFdAcc.— 4622 

fl1S.laFd.lot B9L7 


7576 
IIL 2n 
1003 
7b9 
766 

m 

805ft 

41L4 

588- 

246J 

4906 

309.1 
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508 
333 1 
15U 
bb-7 
66 J 
1718 
481.4 
305.41 


501 
50C 
501 
7*6 
8*4 

S? 1 , 

b&* 72 B -10| 

Dartington Unit Trust MngL Ltd 

Dartmgtnn.TMnef, Devon T096JE J 0803862271 

TdrtPta. IftVlTft. 81.] BMl ...J L43 

Dimensional Trust Manag em e n t Ud 
1 ATOmote SL Lnndmi W1X 3HF , 01-4995733 
UKSroWCar+wwmTaJlMlfl l*427l ._ I 165 

Discretionary Unit Fond Manager! 

>738 Mem Broad SLEC2M 1HU 01-4084485 

1*4 4| | 3J7 

26581 ... I 337 


Mnhener Home. 77 London Well. ECZ 
Oeaiag ‘ 

Gowti ABvneanGrowrh.JV 


01-588 5620 


Groen Haiti Ha 

Gowll IMI Gw*.. 

b-HiJapmGaan ^48.* 

Gntvli Emnnrmi G— tn _. 

Gown PktilK lac 

GmvB Uh IbkOdbb — 

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n 01-588 OSib 


74.1 

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Smftl Cos. A Recy — i~P178 
paUcamU — . ptOU 


■ Actual. 


-4W.0 


VvandMdr Girth. - 
bn. I* 


■M* 




264J 

4821 

48.4 

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71.4 
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227.7ft 

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68.4 
4013 
B17J 

235*0 

246.9 
1174 
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1264 
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1935 
2B2* 
3373 

382.9 
TJ3 
74.C 

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-01 L15 

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OKImAMrU -IU7S 

(ACCUB UrWJ — J B1.4 

Drummond Fund Mangt Ltd 


Granville Unit Tst Mngmt Ltd 
8 Loral Lane. Lnter EC380T 

Gra*ft*e Carnal 1396 9*jl 

>Tn_j76J 81 H 


Grinrdle Small Cb7 



Lncrt Authorities’ Mutual Invest. Tst* 

2 Fora Street, London 5CZYSAQ 01-5881815 

16620 I .. 724 
810.45 | I 3.07 

iu3i 1 1 ifijj 

AraftaAK mriy to Lscft AaONnUn 


0444 416581.2 London A Manchester (Tst Mput) LM 


Wk&Mde ParK, Etafrr 
Aiotncar Trott. 


Dumrnri Ortftum Gl* Fd 


jGwnra-M* 

tooeoH IUIM GU* Fd . 94 9 
I b n m m lSMrobCrorfdL- +J.I 
Dumen* SmvvCuiFd.-. »4.9 
Own' UK Grab Fd - J825 


General Tnm., 

Income Frwt.. 

iBimaUaaal TrM_ 
JinanTnig 


£57 Dunedin Unit Tst Mngrs Ltd 


Bavisg Fund Managers LM 

PO Bor 15b. Bcdmrham. Kent 8B34X0 


JCtartoile Sq. EtoKuroh EHZ4D5 031-2254571 

Fd- — 4ft 


^ G rotund Managers Limited . ... , 

2.07 Pumcrs Hau, flrr AmimFrar v £C2N 2AE 01-5885317 tnmrilBrTi 
Z.97 GtoTbaJ AmcTftjn Tnnr J 928 *7.7wS ♦Ojl 184 

201 GniaoMoararunT-.r — J 7-> J 1.4J 

297 GrohmdEtaUi Trml 129 5 137 83 -1 

066 GtoIbm EonarM Tnra.i 131.7 140 S3 8 

GnftwaGin Inni .,62 0 631+9 -0 

Grrisnd Jasan Trw 1 1455 1512,3 -I, 



iSi M* C Gnwp (jXcX«> 

032 fiPWOwyt, Tufter HrfL EC3R 680. Ufa IBM 266266 


Brrlnb Grows Tg . 


AiMraNa Tn __ 

CaJrroTa 

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HenelatnCdSHlTa ) 53.7 



106.4 
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2035 
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156.5 +85 

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61 Royal Ejctangr. London EC1U 3L5 


0.0 


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16 


Barrtogtoa Mgm t Co LM (a) 
10 FenOOfttb Strael London EC3 


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EFM Unit Trust Managers Ltd 
4 MiKriNe Cmcrm. EOuK xine i 
EFM Aft+WMB FMftlrl J7s 7 
EFM ChMft Fuftll) U558 

EFM Earorwdin Ijtj 

EFUGrow>&iKrtlu_r 
EFU Huh Oro Fatii^J 
EFM iftenui’l FunBlli-] 


01-621 010L 


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l4amUiMil 


CBnnnoauy 


184 

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3. Furtury Vame. London EC2A 1RT 

Gnid UK Cap 003 55 , 

Gft44 10U.C40 i405 M 


ttoinnUnft+l 

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Cnomran Growth 72 

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OMdftid „ 


01-6382433 lAanmUBlul 
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Gnhtness Mahon Unit Trust Managers Ud 


EFM flevouror Fd U13 


944 
944 
284 
26* 
0 70 
070 
083 


ISnilrJaBCaM:)_i394 


94.9 

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roe 17 114*.* 

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Hiyb incane 77 1 

No+n American 120.9 

B r aun y jgj 

Cm tow 40 n 

Si Virueni u S.Gfttb T5 2 

S« ViBDem h*a lac 1178 

Erororan Geaili ftii H56 


275.71 

1714 

821 

1217 

359.7 

•15 

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la.i 


01-62? 9373 
1*5 


FftMen.. 

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UCCftft Uftltl 

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HWiIbcob* 

(Aaron. Umu) _ 


,153 a . J IT* 
227 SW +4 71 0 m 

uia * 2 H ai5 

2223 ... T 0 10 


Hambro GeneraB Fund Managers LM (g) 
toron. 5. Rjr ifiqh Ra, Honan, B r emo n od. Estee 
EnawimQ277 227300 " — 


. oUkJ 

tamawna Inc 

tAccwnUibtji 

JJWa&Genena 


H4« Geo UKGtwa IM— 760 
retftlioid 


Ham Gm Pros Sharo 


003 Eagle Star Unit Mngrs LM 


DeaMmQ277 261010 tAn»w. Un W .ZZTJ 

80 hi -13 150 law* Smaller Ctfi 

if -30 0.93 tAcom. Urom 


000 

am 

laz 

IDT 
0 17 
0 IT 


Balh Raid, Ofttlctftuni CL53 7L0 


U« 


Irani Inc .{1*1 


080 
080 
0 17 
0 17 
048 
O C8 
325 
325 


U+ SaCwcra Trog Oa. 
UK Grown I rag CU 

UK Hiftiirolmlnc | 

N Amenta Inri Act . 
FvLrMn 3 rug Act. .J 
Earovran Tnri Act .... 
Uh Gw 6 Fig lw lac 


Bell Court Fund Mngt PLC 

11 BtanHcid Street. L ardor EC2M 2LB.. 

Far Gram 23J1XI ttjri 

Afflmll. — . pun 265 d 

UKALftBQem JuU 512 3 


01-5BB5171 
...J 0 5* 
_. . 0.75 

. 1.17 


(02 4 
li*.7 
107 5 

%\ 

h 

UK Gin a F.a lm Acc -T.i 7 
im Son lube.. - 70.4 

Enterprise Fond Managers Ltd 
* Quebec Suew. Leedi LSl 2MA. . Obi 2365685 

ParaaveUf'Crowfi,. Jfrojy 72 rf I 214 

Equitable Units Administration Ltd Hvmteirtnn <, uu „ . 

--JSSttftSS.'SiSEL e™. 


656 

706 

447 9 

1257.7 

874.9 

14164 

683 

725 

90*0 

*753 

9*2 

*9* 

90L7 



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Homorr- 

Hxan, 

Hanoroi 

Klmlirtn Iran ian -. ra ,ns 

taeftro -. uajm Far Gag J|572 

Hjricvm b»r<ji .. 
KTOa.fc-ifr^h.. 

nairtmiScannarafti . 
Hambrov Semie. Cov T. 


tom 01-U6 ASB8. IM Dnlra* 0245 JAiJtJ. 
^ ^* 1J0 

SB.* 62.71 

600 hlfl 

1523 161 

167J 177J 

£3-4 267 J 

377 7 !S6J 

5820 tldfl 

467.* 4463 

»50 27*3 

576.* 608 (ud 

3751.4 1847.7f 

2472 762. Of 

295.7 313.41 

3257 3435 

777.3 7673 

1*3 9 20d5 

238.3 2S1 « 

344.4 363Jrt 

5513 5814 

8*72 *463) 

1929.9 TOJori 

62.7 bS&ia 

101a i»3 


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-7.9 127 

■OJ 433 

-2i 

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BhJrofrogate Progressive MgmL Cs 
15 Si Janev puce, London SWIA IN W 01-4938111 


Far Entt, 

Ml 4 Calm 

Hk* I new. — 
livl Groom T-a _ , 

Ranh Amm-can. — ... . 

Prl,canl4M. |-W4> 1 108.1 

SneoftSw 

Td 0 ) 'mTtti 


CI34 


116.7 


239 

239 

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307 
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— j55 J 

104* 
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1001 115. 

1132 120d 

95 J 101. ft 

Egrtljr « Law Ua Tr. K. (a) (c) 

St Georoes H 14 , CnrnoGn Km 5 l Corerniy 0ZD3 5.53231 


*3 708 
■Oft 422 
+0] 100 
l 45 
261 

__ 181 
■o.a i48 


Enoaine-. 0277 227300 
UH Food, 

Bpu 1)1 Bruji . 14 ^ 1 

' — 


0eata90277 261010 


MGM Unit Managers LM 

«*GM Hone. Heme Rd Wonhmo 


Skua) Sm 
Reco+ery 


UK Grata T4ACC . 


tlKGrtn. Tg Ik J in J 


Hrabr, Ik 1-1 4CC . 


Hldira Inc Tg Ira 1 3763 


Brewin Ootphbr Unit Tst Mugn LM 
5GfttSftv Sl Londna EC1A90E , 01-248 4400 
-Tl 7 22*4/ . I OS* 

1.7 103^ . . | 5.72 


M. Anroracatg fax 1 1522 


Brow IftCaMF. 


704.7 


1550 


3X1 

1583 

314 7 


34* 


2434 


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Bridge Fund Managers (>Xc) 

20. CNMiUi Are nee. London, ECZfl 7 PA. Dl-SSB 60M 


808 

81 9 

2214 

1728 

2305 

41*0 

*3* 


85-1 
Bfc 2 
ZJLiid 
181^8 
24351 
4360 
*6.9.4 
617.3 


Cftron* *lue-. trrrd. rlhro- P»«c-. Jro* l+nr | 


044 

044 

3 75 
1J8 
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0*1 
0*1 


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DM Tnm ftftip n LM 


FaiEj.iTgocc . 

CpM* T-J 4a. Kraroe.., 

Cmnjl Tmi 

F* C Unit Maaageinent 

1 Laxmr Pommey Hill. EC4R0BA 
FAC [jfogrj. Inc ... [76 7 

FAC Fj- Lra.1nraFd «!,» 

r AC rroraura Frod _JS 60 
F SCFi.ro Itffd. .„ Jrs ft 

FACIelT.cb 11J0J 

FAC Karo j Or. Fd _J7J J 
F ICdma. lira Fd .—473.7 
F*C U>. Growth Fd* ,«3fl 
F&C UK l» w Frort JlOl 8 
FAC IIS CbiFd Tfbt I 
FAC U5 Cmair* Ca % _l720 
toft* Frodi- 

F A C AmpaJIftmft 1 4224 

F A C Emacrroi 900 

FAC UjuroBtHiftl 1217 
FAC Ron* Mmui^ Mb * 

r l C W» Em Aart_St5 

'UoroftlOrncd 



72190 

0“L>* XW 2 

1762 

mn - Jbob 

■Acc : uam «jj 

■■t A A gu . . lira, n 


Fundi 

LbrvHrtft bflh fl 

(4«4fT* Uttlaj __W|4 n 

Hi^llrxaillf Itti j 

tnra*rac 

SmftirrCn-.On Ban a 

Prol &G4i_ -Eft 


28 


GmaftNeion fan ^ 

(tail Inew A G-Ui _tr 4 

draft Hro»ron_"~j| Iil 

” S2 J,T - J ’- '-"3174 7 

2 m liamuramirnT 

*88 SuUWS Jb„, i» C.? 

ow u+w*M.r^r“ — 

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sin wniMvi Hug 

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0 17 Jjjajflnwer Management Ca lm 

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OOl Ueoerai JodfB _ 
am InranuMui Jratav 
Ota Gktai Incfd JvoeS 


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33 


22 






** s 
'•is. "§ 


^U, ' 

•v':' 


'K "** 






Financial Times Monday June 22 1987 



FFM Fotoncs Fund LM 
TO Bom 1540, HMrtt", '809-2951 7447 

miFriwJuwU- 3U IJJ10 

Far East Growth-Fund 

lOaBa u htataRoiWLLaaeribOPiq IJ421 40830 

Far tH&Mk. 1 «« 1 I _ 

FIMBf MMBtbwi 
4 Bota SI Si HrtMX Jersey, CT 05W7 1619b 

Deaterv 33301- PO Bon 670. HWIm, Bnofi 
t«r<K AuMrtal _^. JH 15 06 120 fill „ I 0.43 
AnVMliCouiMarSlZl SHJIO “ . t _ 

amVaniPri 

toMBIl), 

IMMtfl- —JJU* 5 52 rani] 47 

F««!x) L-4SUJ3 itun -am otj 

*002 fa 01 

-ait ai 2 

+ao» — 

+OOT — 

035 
-814 — 

+ojt an 

+0BB Olb 

—011S 015 

as 

* It 

100 


Hamfaros Bank Lid 

•1 Bisnomoacr. Lamm EC? oiMfl 

Hambrs Pacific Find Mont Ltd 
2110 Cramxugfat Cow. Itauq Hong 

OaM.a^n to Jot 19 SJJD5 |4()7; *D2t- 

SAos+irdAu* 14 p 15 7 1.7, -001, 

.MUB Fieri June n £*2.7* -b?«5 -24M 

aw.unjw» mi » *431- -OtH 


5882851 fjf? Ma«qris (Jcnt)l Ltd. 

P 0 Box 100. Si holier jnv y r * 

Gra C»u. Ho-o . . . . V7*HI 242144 

, LW-eaCHiW enOilnc. 1IHJ2 14 1; 

lb •• Dll4ft»UI(Cl .. SI4fa2 2017; 

01, - UI4IO IK w Ilh , — VI l«« IfUfaii 

3 “ V*» a .j! | IJ.T-‘* tt ' ‘-I«4u> 210? «J 

» — *w»"« um «} fad. 


Haorbroi Fd Mgra (Cl) Ltd 

TO Box 86. Guernsey 
UK Growl hFri. . 4BTJ 


(YieuiFtadUlU 

Foote u) ■ 

SoeqoiC*ou (M xi 


lac.Tn.lxl 
im). ta.Tx.Ul 
IFMM.TC.U 


Ftest Convertible Securities Fuad 
2 Boatnaid Royal, LnMoxj «70U 
NAVJtaelS 1 Ul« I 

Fttaww Group 

LoodooAarw3RF.25teJttuHAw.Eq! 01. 

SS3SSS2t^S #4 : 

IM| BMWSlFil.Z-feB.b8 24.&J 

Forties Sec uritfcs Management Ltd 
TO Boa 887, Goad Cxp»i Bwi 
LMDOO Aocno: 01-H3? 3013 


Sw«SiiF(d_ JSOE 3M3 

SlrrttaiturarFMl — DILI 120 71 

DritaluUtaeFtafa — ttlWI I VH 

ino Bo~5 .Kir: as 1 OT 2 S< 

lnteMI -»8> IT 53 OT 

IwtWiS* KLM 1 fcOi 

MSwwvflaA £279 tod 

MSMxgtFdB -- — tt5** S 471 

Ammo* Grata* 73760 BOM 

Eridacxn Growl* )0W«2 4.93 

Cumnxr Faud 

awiiiiift ■■ . Ajxnr Had 

USSSnjbri SlB22 1023 

OHSi<nt_ ZZ®W*4 5« 

Gwla Fraxi____5i.il 8t 31 S 
Y 11 'tan „_KmIB 3*14 

£ Unrard sarrri ___.lt 13 Jj U2* 

USSWflHKlSwi — S2034 2132 

Camary MMa Fad 

sartrasnm __p0«J ID «! 

U515*tats - &1S.V, 15JJ| 

DU Sum iDUU4fc «).m 

SraF* Stares SFiJOJS 302q 

Tea 56am H 3038 *» 


0401 

92B} 

369 Ji - . 

120 71 


03 - 

zz™ 
iSI Zj - 


Foreign & CofontaJ Hanjnant Ltd 
1 Laurence Putney Hill, London CCA 01-6234*30 

FBCMUMK Jnnu 17 J OBW I _ — 

FSCEmsp™.JKw!f,J 533.40 _ 

FACU Aa Mates Jal fa] 510 14 1 — 

FU Onaoul Jm 17— U 370JR) I _ ] — 

WrMi dNfeaai 

thda tee. tariff Su Si hm. Jmw 
Nntaa A CaMd Boana And Fad . 

A USi Cmh ___r . SUJliul 

ariaUUMacyCHli [ SI 4 21 *5 I 

X-C*rt 

C-UUBoafc 
IMkbctaiBaa 
C-SmfiaeAa*. 

F4AAIM 
G-Vm 
lUxa 
L-UKlQM 

M-USEoalWt 
FBant 
OCwa 


Health ZMO UmKed 

Wriuoqioo Hie. IMioa 5L Si HcSw. Jmry 

HcxODZOOO 1 now I . I - 

HeUerup Scandinavian Fend Ltd 
TyadjHH'me.OifeOULMM , 0624 Will 

ScMUMaFaJoaclOJlSLl lUjJ ....I - 

Hendenoo Admin (Euemcy) 

PO Bo« 7L Si Pner Pen, Gorrmry 0481 710651 

GUI Fad 10061 112SJ ... »» 

Pmr Rrv. Pram U «62 ISTbj - 100 

MXBCM Gains Pitlto- SUMS L«h2 — DUO 

BaUacx4GaOit PnHa^ UJ33 lAwl -. 00b 

SaM HhaSPiWa S1W 2.110] — . D00 

ta&GtaeSIViHs SI 722 IXLA ... 306 

I64A laaaor £ ffatlia ICdAOb 0J30I — 1041 


LC Fond* Interna Uoiu) Cnugu 
2, Beulnaid Royal Luinatnq 

NAVXwl? 1 J,, M 1 | _ 

Lloyd* Bank (Cl) U.T Mgn. 

P0 Bfl> 193. Si Hrlipr. JtTU -v 05 34 275t>l 

UaaTu.OViw. 124} fa 2sa ll I oil 

llWblnaJGai-. 577»"" II 5 l!S I 477 

Drataj arau, gn Uiarau 

Lloyds Bank Geneva Swttzejtaad 

1 P "5* , ,, B ‘? £;■ CM | 2U 11 iSnlmlWl 

TrL 010-411221 20 06 11 <«L 22221 Ur. BrnrMlI 

uar44lBtiOolL> JiMlJTJ 114 BCd 8 4 

JOffllBltimW £f>I44 DO 158 7C 14 

Uscei lie i Grata* C.r,i47-T>2ID«J 10 

UMAIMiiiaa*. EFr777 00 317 5* . fa 1 

LluaMnriH Aivru .1514045 IttM 1.4 

UNdSIMIPaolK . ..|5Frl'»|.402in 70 07 

Llaab In SiajUri Cos — CI032 jb.VsJ — 

Uayds ML Money Market Fund Ltd 

PO 8oi 136. Si Pmw F"on. Cumn 0401 21W3 

«MU41ixa DUUi — _ 38 IK 12JC 

Ortadnunr 'I q in >Hn 

fClf'V »J» S5I 

FltKhF.Mfa 1W 114 Jlfa 

J«u>irwyra 25251 311 

N»a INIM DolUr 4H62fa 21 ti 

5TrrVtaQr.i 14 )?7 . . BJfa 

SabaFiMu 53JJO 2JS 

US Qatar Clou 2faOJ2 faJ2 

Uni xuirai aay Mr 24 

London IntentaU Fund Maiugers Ltd 

PO Boa 86, Si Par,- P*!. GarmwyWai 26521 
Lta IMOJtr In Cl I )Q»il06 7 1074] . I _ 

ltalauiari*ail_Z10A.U86 121.71 ,. t - 

MFM Ltd. 

24 Bd Poor Ourloiw. Mt <78000 Uouco ■73501055 


North Star Group of Companies 

l) PnivinVUntco liarnuboiul lUmrtomi S* 
25BiO Pev4l. Luimboani TH 461275 

lFir-l tuma . .i0>ilB>0 18601 ,2 

lMHivl.nl .’DhrlXJO 144 01 *S — 

HtaipMi Tuan. J0K>1570 I56q •* 

Bona im - - UHbiHO inn *ii - 

U-SDtaLMfi.iFe _JDArll2D I130j i _ 

>tM4Hgl PnrlPMBryjDIwLrfiX) »2j - 

UinXIiHirn .DM4H11 ■nu til _ 

Norway Fond Manapcment A/S 

Sklwwi* 29 0154. (htt L T»L 618100, Nixwjy 
SU NOfam be Fd liFFrlB2J7 104041 I — 

Oppeokehner Securities Ltd 

66 CJtaoa Si. London. GC4N 6AE 01-3294146 


c™» Ulaaerd w.9b 

blstai Mum -10 45 

liarmumii Ihuy4- - 10.44 

PsctIk Usaxatd - 1004 

Wo* 14 Widr Rmvtry IUL56 


1UH -0J)a - 

1067 -0J ll _ 

1122 — Olljl - 


630 

... 630 

630 

730 


. . . h30 
B50 

_. 630 

3 

__ 5 

...1 630 


Henderson Management SA 

20 Boiinaid EnrnaoDrl 5mais. Lux. 0103KJ1902 

Hcaknu Uuugcd law lfu x Coamw 

tauaSwFata SI 2 02 12639 -2JB — 

JUoja 5«I6 CwSafaf «d. SJJW 13.11 -Ota - 

Paafac Staltad- .. . _ s:oap njsj -035 — 

Haaq Juaa Sd6 FmI 57 42 7J$J *0*1 — 

AamunStafaFd '523 5381 -0.1'* - 

QrHTT^c SffiNFd 560D 6J4, -0« — 

UK Grata* SUpfd. S70fa 7 4a -0 2t — 

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H,n " Hia 3W ' 325 Hendmou Global Strategy Mngmt SA 

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— MV Jum lb 1 ExulObl I . . J — 

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28-34 HiB St Si KelWr. Jersey 05347Z156 

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PO Bid 771. Cwwnway Home. Qvrcn SiT«. Si HrGrr. 
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20 FMdiRdi tough* UM. Tri0624-2%61 Telex 

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2606/7 One Exchange Square, Naaq Knag 
Teh 151 21423 L The 61413. Fix 852123^8218 

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TO Box 76. 1000 AB. Aawenan, HaUand 
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lutematinual Bond Trust 

PO Box 76, IOOD AS AimunOm, tMUfd 

CCIC 8 NAV6m» 19— — J nj.19 I -0^ 

ECCLS BMAVJiM 19 J S2580 .1 -009 — 

tutfu l luuul SpecWrtf Fund 

10a. BoiMftl RwM, Luxeattouq 052140830 

itaSpKtany— 1 B279 I - J — 

Investisseaieuts AUuathpies SA 

14 Rue AI0rM9»*L Luxerabaora 352,47991 

MV Jane 15 £1932 1952) - .J 051 

Invlcta Investment Management 

29a Brata Si. 5l Hefler Jeney, Cl 0534 77522 


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PO Bm 30927. Hung Km 5-8908448 

Garoxini Graeia Fo_._k34 I - 

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ICQ Boater art Royal, Lmewboum 

NAV._ I S29Q5 I +0 031 _ 

la* AO. Hit In. Must. LM, Lemon 

Pacific Growth Fund 

2 Boulevard Royal Luundum , Tr* 4791 

Ata.lt ZT S1B38 I -OOll _ 

Parinter Band Fond SA 

Ida Boulevard Royal Laimdaorg 

NAV.. I 11262 I -. . I — 

Perpetual ITT Mngts (Jersey) Ltd 

TO Bo* 459 Si Hrirr.Jrner 0534 74517 

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(tatlnwv Ara Gtah Td— 12JSD6 26641 0 ID 

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PO Bui 141, Si PMn Pan. Guernsey 0481 21374 

GT Mj w raSin*lrt__Jl4S0 15*3 - I — 

GT 11 anaoed Dollar _u*90 1820 — 

HrrcM+inn MM tfn . BhTO ITSfl ] — 

Hrndl+HM Ural OclUr Jr»o 214-IX I - 

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20 Boolevini Emmanuel Senate, Lux. 010 352,21902 

Or'tt Pirn May » 1 SIUB l-.l — 

Fr'chPreta Mar 25 1 FFi9Ul I .. .1 - 

Protected Performance Fund 

Bui 707, Grata Cayman. BWI, Ida TH 01 -589 45b7 

PltNWMMVfiNd- B099 —1 1 — 

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Providence Capitol International Ltd 

TO Bov ]?]. Si Prtxr Pi. Gunner 0481 26726 

[UKr,.|cL 32084 2243 .. - 

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Putnam International Advisers Ltd 
10-12 Cart* SLLoaooaWl 01-4391391 

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QuantHo Fd NV Curacao 

UTBiduDiiiaie, London, EC2M3TD. 01-2832001. 

WarM Trade Cem.AimieniW , 31-20624)81 

OtataanFita-- -£15630 15897) ... I — 

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30a Bouleoanl Rota, Uneintauii) 

OutanFnlMV I 51563 I +08U - 

fluilfer/Heirtold Cnmmoifities 
31-4S Gresham Si. LOMDfl EC2V 7LN 01-6004177 

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TO Bor 20B El Pflfr Pori Baerreer . 048126268 

Ouaon. lutcL Euro £263 2.7b) _ | — 

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PO Box OTB. St Peter Port. Gf-e+meytt 048126268 

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TO Box20a. Si Pew PLGatmer. . OMiabftl 

Eran-Pnra Trad— 19380 98001 tiA - 


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GPU Box 11448, Haag Kjh 
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Minerals, Oils Res. Stirs. Fd. Inc. 
P0Bqxl94.StHtllCT.Jmei . 0534 27441 

MonsJtat* 151463 l*«3l -.1 2J6 

Multi-Currency Bond Portfolio 

2 Boulevard Royal Luxentbodrg 

MV JuaelB I 5LL29 I ..J — 

Murray, Jofuutone (lav. Adviser) 

163 Hope 5l GUhvm C2 041-2219252 

America Gut* Jure 18— ]26 77 ..I — 

J*e*a Grata* Jura 16-JCZ16SB Zn.B7l - I - 
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WXFl in* 

OCCFL » 

OCCFL Swfr 

OCCFl U85 

OCCFL *ei 

OCCFLMoaE— — — 


— 20829 

— 22835 
SOW 

— bOM 

200.43 

59623 

— 16.TB4 

— 1154 02 

232555 

— 1189744 

18221 


6492543*81 *OOtWi 
15127 1*60916 +6004*6 
IDJ? +0 002 
15209 +0005 

20JB9 +0004 

5029 +0005 

52015 +0035 

40351 +0002 

15319 +0JKK 

806.90 +03* 

10L232 +0001 

100.4*56 +00114 

25283 +6 

300422 +0001 

303072 +00071 

153 23 +D00J 


-J10 40AC 1073 
Dbi> Dum>«v 


NM Income & Gwth Fd 
2 BouleiMfil Royal LuxnntMiirt , . 

Joarl9 J 11469 I -0051 — 

NM Schrader Fin Mgmt Inti Ltd 

B<a 273 St Pew Pon, Euermey , 0481,28750 

Maod. Cuneacr J£6 455 6.7^ +0JKri -3*J 

« -h as 


+001 — 

+002 — 

♦ 00 m _ 

♦1 — 


Grtodfay Vangnard Maaagemant LMtai 
PO Bax 414. SMteber. Jersey 0534 74248 

U5 SFnedlraJrte U _I19.9T«b 202503 I 


-■ 56 *0 IB poSfl - 

sfiwZZZZZZ= + 005 J - 

Veatet -J *w — 3 

BrMbn CaneKve Int) Mgt Cn Ltd 
POBnUJ, SI Pew Paej. &oenaey. 048126771 


998 



Leopold Joseph & Sons (Guernsey) 

Albert Home. St Pew Pan, Grnnuey 0481 26648 

aflsfcw esi zd = 

Klelnwo+t Benson Graqg 

20 Feitcterth St, Latataa EC3 01-623 8000 

KDImeraXfaOtaFd «967 ... L36 

KBJaaaaFaM S2I769 - .. 082 

Praecavd* U S-Gratax. 5104 ...... - 

SIM TB Betinda - SI 561 065 

Traraa*tatacGmFd_ S2T81 ... 022 

ToiXMe lac Fd. — D063 — — 

Vtam Tradloa Caeparakag 

PO Bor S7M,C«aaD. H*«* 012l9»1717 

Commamee** IMaU. -1 140225 I - -J — 

DcremMi 5tb itaex FdZj 1 336 90 j _..J - 

Fad tad Faad — J 837.90 I — J — 

Kleimnrrt Benson (Gnermey) Fd Hngn LM 

POBee 44. Coenttey, 048127111 

tourn ey l«— pi?* 2 So.g — 21 a 

tm^nubttaFiiMc.* Z ojo 1 *Sm — 544 

HBIbUU.Bd.FdJW.-;- F72* 78l| 5ta 

KB Far Eld IG'nfafjl — 121 97 226M 037 

fJ46A 1443 .... 7 n 

KB Swing Auer' —E1.975 2L9M — “ 

•oiler own quoted an fart eer o* tax ta o—l chMm 


— Araencaa 5*iMXrr Cra — 51 473 16 

— fooaiaoH.. — □ .127 14 

HI Bninti Fund CUM? Lf 

I lorofjiFuel 3.981 23' 

Cold Futa UJ E Ll 

lion] lumg E+ta Cl 922 2 0 

Ipipnuwbul Fand Cl 531 16 

48 JxoxaewFrad- 0636 £4 

Jgpbo Soulier Cot 1163) 2-4 

SmoMn+AMManun-ajl* 1.1 
_ Dob* Fixed Itaerta POTB 13 

— Sirri ng Fu ed l*H 1X072 Ll 

Dmvnrnurt Conracy , - DM58 

Data* Cutrrrcj — SLO 

EUf+rtCnr+acT LEO 

QO YeoCwreraj V2DI 

a, MmaaedCurmcr .£1816 10 

S Dcrlar R+^wr Fid _U»1 0065 LM 
_ S«kfsdxr LBx taunacr M. Ud- 
M Hata C+raxyljiJrFa.— L294 8 4 


t Find Ini LdeFi 

LEoadrUiifFd 


>1 797 1.911 +0600 041 

11*73 1565 +00W 000 

3327 1411 -OQM Olfi 

3809 L9» -OOll LOT 

3-461 2307 -DOM 050 

1097 Lit* -0004 DOT 

1 932 2 044 -0 027 1*2 

1538 1*25 -0073 — 

2J36 2474 -0012 080 

2631 2-479 +4L0OT ODD 

3314 1.165 +0-003 064 

3 620 1303 +0604 462 

X072 L15C -0001 704 

DM5JUC .. 269 

51016 +0 002 569 

*1014 994 

V2002 - . 303 

3816 108( . 422 

110055 LM7U +OOOS 664 
ML LM* 

L294 B Sill — I - 

0829 11*34 _ . i - 


IPSuiitSBir™ UM ....j - 

SEn*4| iJ+Fd t7fa0 2-9751 — J — 

?5SSiedUleFd.ZZEl« 2JD| - 

Haig Kant Ule Fd — — (31656 2S69W . J — 

■Proi J-«< Id Mrii orxing June 17. Dady oramo. 

Halhmal Mutual lasmance Co (Bermuda) Ud 
BIT Sob Ham Ml Centre. Hero Kata 5-757232 
Ha lad Mogd Fwd ill LSI 4. 94 15.78 -..J — 

Nat Westminster Jersey Fd. Mgrs. Ud 

23125 Broad Si Si Hebe*. Jenoy 0534 70041 

Gdl FiWtaltxl -B6* 9JIJ — 956 

EuuIrFO !+)(*!- jl9LD 204 0) I 1 45 

♦■Can HOlWta Hoi Ra Jib* 8 177 51 .. i — 

-Sta. d*r raety Tims. "5u6 day moaldr S« dad 206 


Stan Fr GlOtafa 

GraOtadla entaHtal |W9 g LUOj +0017] 0^ 

EaBBTi zd e 

■■ ft— BNA^ mptl, . 1 SJS 

cS- : 0*456 I 5*6 

§S222^=Z=d _ srSfiis I -j 2“> 


OMCumacrFd-— 

Surfing Carntr Fd 

USSCwrmFd — 
Ve* Cunency Fd — — 


DMJ03498 
55961 
10 D34* 
sianaa 
VMUSB90 


EUkm^ZZZZ 

MiMMy-Z-Z-Z 

GhmiFialMFd 

£ Flirt - 

E later — 

SFard — — 

EamaFtairan- 

YtaVra lid Fd 

DabdEawty- 

IMMmn 

JoeaaAPaxdd 


11 m « i sg 

UQ« : Jm 

3869 — - 2.41 

DM50 fa 5 — 2-57 

3687 29 E .. 75 

318S UJ - 3s 

30*7 

Sts :••- II 

ffiS M 1 . 

sis =• ” 

i72Ji 73 SO OJg 

l ££ 1891 -- .4-? 

»» 28.91 ai 

aBidi -19-04 . . 23 


uEwtszzzziS® a-d : \ * ai 

EiS=^| mJUS 

GUmi Smbcb Fond anew w«d tahw ”*■* oa ^fi 
-JMor dwegn at 1S». Mocttd Iraa amaad tatagj 
ShmI jnoaiencab hr tarejuap* m wm ol £511801 


K lein w or t Benson tslamk Fd Mgmt LM 

P0Bor44, Gbermey, CT 048127112 

!|- r — ' — —6*20 6X1 1 050 

Kama Growth Trust 

Manager: Citizens Invest Trust Mgmt Cn 
112-1 InrueOong Joaert-Ku, Saotd, Korea 
tfo Robert FlandOT ft Ca. Tet01-6385B5B 

NAV am 17,91731 USS21.92 

Karen HriematlnnM Trust 

Fund Man- Korea Invest Trust Cn Ltd 

29 Mraewg Lane, Lotaon, EC3 01-6239833 

LmSfUW USlaUWJ4 

^taBMWr.^rt JMpt (CXI Ud 

Laurd C a Rf+ Fd US5-+ 111 56 11 

LdimdCa RefaFdV — T3J*fl 
LawflCxteWMl.. fibOJJ 
L*/JrtC“ R’fFdSF — 6FR32D4 3? 
U/xrtCpPoFdrF_ FRflSfJfl 122. 
irarCalMFfDn 144151 1 

Lxebrd Cur Ret Fd d far . UA1D56S IK 
LeunCirRdFdd* . £70*1 
Laxord Eaooraa Food— 1S1J 7B 
LtaMVFarEaU “ 

UfjfdiMCRp. 

IMriNinan 
UurdSM-CraiA. 


Caodtr NatWeot Cemacy Futa (a) 

Praia Tie— 278571 I 

SSJ^zzzz 14 - 8 ^ 1 ^ : 

bSSSSb I : 

Newport International Management 
BjbL ol Bemtod* Bhh. Bemad* 809 

NBC hdL Sxtanw*. |«J4 J . 

Hm- I ta lac. Fd. 1 gl-« I 

nm Pstate — 1 52567 I 


RotbscbUd Australia Asset Mgmt Ud 
17 Bunge SL Sydney .2000, Aatnaha 
ForMnAnL £<y — lual 2*Bl .. .1 5.4 

Royal Bank of Canada Funds 
me Bfroon Fuad Maaagen Lid 
PDBu24b,Sl PeterPta. toerarey , 04812300 

IMI iKmnrFd £1275 UJM _ - I 616 

ItaCataMFd 48-071 -O.lCj — 

NaRbAnrrtaFd blXfiS l»Jai - I — 

For EaK&Fuobc Fd bZJM 34 « _... — 

CobhuopFil . .. Z-Jnott i*ja __ l — 

•sc Ita Canada Fd Ud __ 

USB. S2806 +0-01 _ 

Cxtad— <S 1 CS35.92 +002 — 

CSMrtgw 1 1538 +DD1 - 

PX1++ * 5954 +082 — 

SOTAFram _] 4566 +0M1 - 

Jaoabew Vn — .[ 7365 +1 - 

MaaavMFoM 1 34 U _ - 

Ti* «H sac Futa P-.+r .r x+4ild»e 24 boon a *6 si 
■ IMBI 7)0590 

Royal Life IntL Ltd 

BrtdBtHw.CatfletataLieU 0624 824151 

ASACa«W*w8MF-»9W 1*1 -■ - 

BabrCsOftnuraFii 0.921 0« -• — 

LW I5w Grata) fiW !■» - - - 

LxcomlMI Fd feDJb 2889 — — 

Pera Grata ikadl — 1*50 — — 

Rata LUe Ufa kbqd FO-3CXJ27 1-427 ... — 

ROyM UlrGPI FU -KIWB X127 - — 

«amL(eUKEaoFd— SX48B 16M — — 

Rural Ld» Ona Fd £1405 L5JI ... — 

SS Lde Dm. FdZZttl 143 12 * .... _ 

Rauj LdeFar Eaa Fd— JlLflOB L945 ... — 

Ryt Lde lid Gan* Fa _J£Q.499 1 875 . — 

SAIFiMHi ZT|lfl2l 1.917 - 

Tu txraxa kni G*t Fd^ttL2M 13« - - 

VOMfai * Co tw Pttl - t l-I TT 1OT1 ... — 

VRA Grata Fa-.Z.-JFJ 230 U2S ..-1 - 

Royal Trust Find Mngt (Cl) Ltd 
Royal Trail laU Fd Kant Ltd (X) 

PO Boa 428, Si Hri*r t Jersey , SS?. 7I| S2 

OrMyi—tg Vi Ob* LIU) — OJMJ 895 

gS’sSFd: fed 7**3 -OJ 1287 

Vra aw hr 37204 Jl 215p -•) 5.58 


3.405 L5JT 
3 143 1230 

3808 LOTS 
8-999 1875 

3821 1917 

:L264 1360 


r ? 


JvBMCduairi*-. 

Scerisg Fvt} Ini 1X1 
MmiuaBiSmUU 

Botd 11 ^ Ut** -—1 
tP>ci-B on June IB *lm drMwn 
•Pno% m jm 2* WH 

Royal Trust North American Band Fd 
43 Batrieurd Royal, Lduadnort) 

NAV USS9.93 

SCUTECH SA 

1 ..1 

Sabre Futures Fund ltd 

do 135 Caaogn Si Looraji EC4 01-G2. 

MV Joar-tS 8844 19J61 

Save A Prosper International 

TO Be> 73, Si Hriwf. Jfenry 0S34 


I 085 

— [ 760 
.....J a*i 
1 536 


bdttdma** fi*L _]01llUa l£-29j 

Mr. Fxtt — S831 £56ta 

ANwwGGta^jraga ^ 

?S2'!?Z ,*» 9941 

fSSSTZZZIZ S6&30 748b 

GWulPradauFaC C*2* 6.” 

GtehM Parriofao Fra S— SJ036 10 OT 

28(j£ta__ZZZ s!h.« 14 95 

DK Grata I £3078 3328 

Soltacrt f w) in NAV- - 

ImtlradFa .11697 7351 

Ndbumacy HtodM ftad . 

Di&i Z Z BMW 

f fa+ 1+1 . £1 I 

»s!!z?:z::.7z;.- tiom i 

sSSS^i rails +"42V 

Schrader Mngt Services (Jersey) 
TO B<u 195, Si Heuer. Jersey 

SasrarartarayTtasUd^ 

iik? ^ 535 «"» 

D.UM “ . . DU54 9M 

fjZhiz .1 . SFS7 Jia 

rT : . TWXJO 




The New Zealand Fmd • 

Moagm LraoerUII Offcbore Lid PO 
Boa 7L CaaWfldir Chasn, Rata Town, Brtt Vnpl K6L 
c /0 Rabtrl Fleranl ft Co . 61-6305058 

SiMFtad_Z £1282 1285) ZT 42 

HUfcko Inti Cap. MngL Co (Europe) Ltd 

c/to PO Bax 105, Guertay. Cl 0481 21*38 

«SS£nnzzB£3 *E&1 zi : 

Nomura Growth Fund SA 
2 Boulevard Rooal. LuienVxairq 
yrTtaU >37-462 -* * — 

Nomura Prudential Global Portfolio 
2 BoolevaKi Rural Luaendnuis 47911 

MAVtaiirUI 51327 S I 

Nortbgate Unit TsL Mogr. (Jersey) Ltd 

P0B*>*82.£iHriicv.Jriiey (634 7378) 

Pxifs FuM Jo*i+ 17 . 77 S3 5112 


+0011 048 
+001 1028 
-*§ 1.0 
-121 1187 


ULamaa Hawn ftad H 

Sirzzzi:" “ K 

««9 vioa 


■041 (LX 
-081 085 
-08! £05 
+021 _ 
-037 £48 
■021 DU? 
*002 £18 


Ltd 

0534 27561 


BRITISH FUNDS 


BRITISH FUNDS — Contd 


FOREIGN BONDS & RAILS 



Pna W «U 

£ Ml 1*1 ■ Rtd- 

to Five Years) 

3lDI< B.73 
11871 88-73 
7 781 M2 
10J5I 8.75 

9671 8.77 
3 lit 6.44 
9.451 900 
6 J I 11 OB B.% 
L9 I 9*3 S99 
OD 3.1* 6.W 
5 I 10^ A99 
983* 907 
10JS8I 900 
52bi 736 
9.7 H 784 
11.931 900 
10531 905 
U05I 903 
3^ 650 
,„.++^ 82B) 836 

lOTtlfl.9 9.7i 900 
881*0630 2821 626 

UNi'+sOA 10W 
93:20.9 him 731 
tn!~ 3.40( 650 

106! IfcS 6 9J» 805 

107 118.9 103tf 904 


Priu Last VWd 
£ id InL Rid. 


Index-Linked 

(b) 

38 Srt 30 UarTraxv 2nc 'S3 C297J7.' 130l|i23 2 

25 Jul 25 Job Da2peH0 (333.9). U6,’.talBb< 

235*6 23111^ Do. 2oc*92^a&5£l .. — l 97^1- I 

I6Mat 16Seri Da.2pf% I267 9U 1251^8 I 


24«te245eol 0B2i;oeDl (30881J 
20tlnt 2DMjyi Do 2ijpcTU O10.71J 

193an 198,' £to.2ocD6 (274.1 1 J 

2tWnr 2&U»I Da 2 > >ta *09 0167)3 

Z3Feb 23*0^ Do Zljpc'll 1294 jj] 

lbfeh IbAud Da 21 joe 13 (351.9)1 

26381 2631,: 0a.2 1 apc'16 02201 J 

160a lbAurl Da.2i 1 oc’20 0273)3 

17Jan 17 July! Da 213*74 W3B5J1 J 


12512193 I 
185Vl£x2f 
103 i+J 13.4 : 
U6*U£6! 

U5jill9J. 
88 nn? 1 I 
961J«1Z2J2! 
94,', 1 103 1 

m«H06) 


( 1 ) ( 2 ) 

—• 2.71 

105i 283 
220. 2 78 
3 Z8> 3.77 

3*8) 40b 
353 403 
3301 3.92 
JJ.4 6) 304 
3531 3.78 

3 491 3.73 
3 365 

338) 359 

3331 353 


lai eras) 

Dot Slack 

lAflr lOaCreri ? 0 C Aw. 

IFe* lAuq Do 6oc2BSUl AIL 

1 Af+ Idol Do4*K Mired Au. 

1 May lNmdHiraq. 24 Aii 1 

31Mar 30Nov)Hydra Quebec 15n 2011 .. J 

30Jon 31Dedlcriand 6>fK ‘83-88 J 

IUh 31-ltyi Do 141ipL Ln 2016 I 

lfJar lSenllnriand 9\nc ‘91-96 J 

30koc JlDfdMJtatiS'SVaa J 


Prct Lad Dh % 

£ xd Era» ' 
420115 350 

40 £2 . 1 

47 ii* 1 a 

63 685 1 17g 
140i,rf3.11 1500 


1291 JB.1 14 54 
101^30.1 9.75j 

94 1311? -• 


AMERICANS 


11221 904 
9671 906 

flia M7 
9® 903 


Prawecllre real rederap* ox* rate on protected Miadoa of (11 10% and 
(21 5%. (til Figuras m parerahnn fahow RP1 base montn lor uideiinq, 
te B monks p (or to issue. RPI lor October 1986; 3884 and roe May 
1987; 101.9 (rebased at 100 January 1987 conversion > actor 3.945). 


INT. BANK AND O'SEAS 
GOVT STERLING ISSUES 


Five to Fifteen 

25 WExch. ULoc*92 

ZZSeplExai 13>2pc 1992 

15AprtT*Mi 10 k 1993ft 

14JndTrtas 12>^c 1993tt - 

lSSevFnndnq 6pc 1993^ J 

23H«tre*s ULpc 1993^ 1 


22Aiq|EiCh.l2l.'Kl944 } 

17Nov<Tieas9K 1994tt i 

ZjJaaittreas 12pc 1995 _J 

lMay)Exdi3pc 90-45 ____ J 

aUufcdL 10'*K 1995 — J 

15 HoajT ren 12‘rtX 1995S 

22Jara7*M5.14K'4b. 

15fterlTr(BS 9oc 1492-4*44 — .1 

3Mar>Tren 15'«K 1946J4 

156WExi* 13 >,k 199644 

lOcuRedempU* 3 k 1986-96- 

lSNnCoMenlwi 10 k 1946 

22JariTre»13lmc 1997tt .__J 

ZlFebfexdi 10i)« 1997 

IStpiTrejs 8Vpc 1997C 

I StplTriaiaifPC^-B-ti 

270a£xdi 15w 1777 J 

19 JariCxrti. 9'tfc 1448 

1 Martinas 6’* pc 1445-985— 

MStplTreas. 15ltfc ■<*» 

2tMm€xdL 12pc 1498 

15Jon)TiNS 9i]M 1994tt — 

26Moil£utL 12(tK 1999 

lllilaytTrcas. 10 >^k 1999 

22*tor Coavemon }0>4fiC J999—J 

28Jan)Tr 8>«c 200S!30jidlt: I 

3MMCorversJon 9 k 2000^—1 

WJoUTieas, 13 k 2000 

26 Fftflreas 10pc 2001 

22MayfTrW5. 14 k 'BS^l 

lOAodComcnten 9 ',k 2001 

22J*ntxcb. 12 k '94-02 

II AjxfCiwrtwaxi 10 k 2002 



1020 10.10 
980) 9.72 
10 28< 9.99 
10.041 9.9b 
9.941 4*4 
4.78) 9*3 
10271 9.74 
9.741 9.73 
11381 11.43 
1213) 1154 
10161 1003 
1012 ) 1002 
1025) 9.94 

161*1 14.34 


CORPORATION LOANS 

108L|tl6.4 | 12.47) 954 

lit 11*4 1 941) 9 77 
93 15 1 1 72U 8.4D 




991,121 676) 4.90 

132 'llOj 10.19) 1230 
30 1U2 I 11*71 - 

9»T,8lllOJ2l 712) 170 
3Qo(!22 I 10001 - 

U5 Sb.4 I 10001 9.70 


COMMONWEALTH & 
AFRICAN LOANS 

Uan LWlfCTlrfC 1988-92 1 92 tll2 1 708< 920 

lApr lOalS fihod ?ItK Mo*- AiSld I 203 I — 1 —I - 

7Feb 7Aod0o.4l»c 87-92 AssuL-J 75^7.1 1 -! - 

lSAdr I50abra*ab« Ana (UOOw). J 134 06J I —I 1001 


LOANS 


Dtrl [lends I I 

PaM 1 Stock t 
fb Mr Ag IhUMon Laborrionelfl— 

— lAlmaiun IH0.1 

F My Ag nIaIcojSI— 

— lAiMxSl 

Kb Ur Jo AdAlstaMSc 

Mr Je5e.lte.lAiMf. Cyaoanafl IS— 
Fb My Ag NriAmer. Express SO0O- 
Fb My Aa NrlAnw. Medial IdLSl . 
Fb My Ag NrlAiwncan T. & T. SI -J 
Fb My Ag Nrl Amentew SI 

— iAndacfl 

— UUrteuser BuSdiSl 

- WAndTecal „J 

Ap Jty Ot JanSa2m3^5lD!ld 

Jd Aq Jy OctlBASIXCorp. J 

My Aa N FUBril Atlaatlc SI I 

- (SeUSouh Carp. J 

Ho* Jaa S OMrihlriieni Suri 58 J 

— IB*o-R3d Laos. mc.'A’ J 

Oc 3a Ap JylBomlEr Ik I 

Ja An Jiy DlCn)MTHa-FenKlb23c J 
F My An RlBronswitdc J 

Jan Ap Jb OtPC IrtnL 25c ! 

Mr Ja Sc DriCSXCorpU.SSl.ODZl 

Mr Jn Sp DcCalFed Inc SI DO J 

Oc Ja Ap JylCanpdeP Soup 30c J 

F Ut An N|CaiefPNar toe 51.00 _ 
Jn Ap Jy Oc C energy Corp 25c — 

Fb.Ur-AvKv ttase SUoWiw H25 - 

Ap Jy Oc JalChenvcal Near York. 

Mir Jui 5 D’Cl+ysler S* 1 . 

Ur An N F’Cucprp 54 

Fb Uy Aq NvCItrfM Fin. Corn 

F My Aa N.Col^Me-Palinolne SI _ 

Jane [Colt lull-. Si 

Fe My Aa NiCMsFreijftrwys 50*25- 
Oc.Mr. Jo.SpJCantl HlnoifaCwoSl.. 

— [Cora iBvkhi HMgs&l _ 


Price Lad 
C I id 
39!i '12.1 
13 (112 
32W8.4 
U.'3'BS 


UV1O0 
171*25.9 
53^39.12 1 
HUirttl 

ari= i 

7VU*B5 

41 4p £ |18* 
4565.9 

w* 

23456 

17Q7J 

157 c dQai 


Hv rid 

Gmulrw Gr'i 
HjOTj- 10 

20c) — 05 
SL9tf - 30 
Sl-H - 40 
♦72c! — 40 
S1.20) — 42 
HSfl.rf- 5.4 

S2.0rf — 5 * 


— tulbnel 6Kw SOI I 

— lOtaoori Oil 40e — 

Mar Jun S NDana Corp. SI 

- pau General 

— J Derma-Lock Medical. 

Mr ki Sp DdOunft BracswetSl 

F Mr Aa NiEalun Coipn 50c I 

MiJoSepOK IF PL GrauoSOOl J 

— Faitmoni Financial _...J 

Jan Apr Jly Wait Cliicaqo S5 I 

Ur Job S DrArd Motor 52 

Mar Jon S DlCATH 62iu: 

Apnl Oaten. Eleo, SO 63 

— NGawral Hob Cora SI _ 

Mar Job 5 (XGIBeneSl 

SovBkSl- 
S150 J 




9.1S 195 
8.94) 191 
1026) 921 
9.181 193 
966! 904 
9.131 809 
694) 7.92 

90I{ 807 
401! 807 
9.18] 188 
9.6 1! 195 
159) 174 
1441 156 
903] 188 
9531 194 
17l| .175 
9.7 ll 194 
178 173 


Undated 

IFrt LAodCnmois 4pc 1 44tfrl2 197J - 

Uui LDeqVVai Loon 3 'a*# MJi&JO 80^ - 

lApr ItalSiiw. 3>^c‘61 Aft. 58&to60 6.9« - 

SApr SOnlTrfas. 3 k'66A1l — Z— J 33^28 9.04 — 

5Ja Ap Jty OtCcmob 2>*ic Z7|i*»L6 903j — 

lApr lOafTreas. 2‘jc —--iZ .._1 23 U 1233 19J — 


Building Societies 


60y 30OeeN , tade9, 1 iK 6.707 ] 

2Uw 27 July) Do 104pc 27 7 0T 

11 Feb 17Aug! Da IDitfc 17007 . — J 

lMax 7Sep Da.9\K 7.407 ! 

15 Mar 2) Sen Da 10,1 k 21.907 1 

20Apr 2b0tS Do. 11 Vk 26-1007 1, 

17Ma,23Nn: DallijK23J107 1 

15 June 21 DetBo. 11 Ak 21. 1207 J 

18 Jan 12 JiyiOa. lli|KlU0& -J 

15Frt» 9Auf< Do. 10 Upc 15208 1 

7M» TSrpdDo 10Jj« 7308 1, 

llApr bOcdDo. 9 !)k 11-488 \ 

3 May-27 OdDa 9(i*3508 1 

23 U*r IB NratDa B&c 23508 ! 

— Da JVclLL»2021 I 

- Da 3 Vk 0. Ln2021 G5p0j 


UO.laflU I 

100,1)21121 
1001,11111 
100,11303 I 
100,i|p2 
101 t23_3 1 
Un,L!21.4 I 

101 ,V- 
101Ldl26 I 
101, tu I 
lOOiiU I 


9001 049 
10 111 804 
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Continued on next page 


J. Henry Schroder Wagg & Co Ltd 
ITOCheapside, Loodon EC2 01-3826000 

Xtal+rJjuZj S4U4 .1 ,Ofl 

CMPwdr Jmt IB -J 12*2 j — I 2-37 

Schradcrr Asia Limited. 

25ii< Floor, 2 Eidarate Sq, hong Kd*9, 54211633 

U |ij z! Ita 


Scimitar WaiWwWe Seiectian Find Limited 
PO Box 330. Si Hrifr, Jerrey 053434373 

M Oa» Foate . . . 


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ICAwng Owl SiHriW, Jersey 0534 7J741 

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GHiBota . .. l l OT J 193.91 „..l - 

Sceul Interna Li onal Trust 
FWd Bln: Km Inesl Tract Co Ltd 
29 Mkndivi Lane. London, EC3. 01-6239833 

NAV Wm 19206.42. I DR rolar 0552356327. 

Sim ms hriernatimial Fund— SICAV 

2, Bootewd Royal L u x e nWootg 

NAVJrar 19 I 510.77 I — OJJll — 

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Acaan Beta F(L— 7«ff 403 

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60 Graxedncfi SL Landoa EC3V OET 01-626462} 

FF r SMD4 UxrCM Gta-<FFrl60a8 lb.940> +. .1 

Standard Bank Fond Maaagen 
0990 26048 Anthony wa» 


Ttmmtan Management Ltd. 

16 Rnsouiy ClriH, Lotaon EC2M 7DJ 01-2567233 

AuUrxteFta SMJC 25-22101 .. . — 

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EsUfainJaaM Trad 5233 Z«] .. . — 

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Tokyo Pacific Holdings NV 
IbUto Ha iw wrui Co NV. Curacao 

NAV orr On 520841 

Tokyo Pacific Htdgt. (Sr aboard) NV 
Itdimn Kantatrarn Co NV, Curacao 
NAV pfr ifatnf 51563) 

Top Brand Fund International 
Mjoagsn: TO Box 190 Si Nebrr. Jersey. 053474715 
TooBiXKlFd InU NAV J 514.70 I 1 - 

fair fad Knurr Wjrbum mu Ural Lataon 

Transworld Band Trnst 
2. Bonfrvard Royal Lmmobourg 

NAV Juan 19 1 51159 I — O-OU — 

Tyndall Guardten Managers (Jersey) Ltd 
Caarin Nw. CMrle. SlSi Heuer, Jersey. 0534 3733173 


Wariurg Investment Management Jersey Ltd 
394X8madS(,SlHMW,J«nr|,CI , 0S34 74715 
litre. Cora MM tfilh. -05736 5881 i 148 

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USSIteOK*— S769026 Zf 7546 

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Starflng Offshore Food Admin. Ltd. 

106 Mom Slim GKuakra. 01035076548 

Pmatly RnCrtaM IQL9S Ud ....I — 

Strategic Metals Carp pic Metal Frnids 

5 Burtarqtor GdaG laaKai WIX ILL, 01-7346102 

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Stroogkold torest m ent Mngn Ltd. 

48 Atkal Swa. OeoBbs. loM 062420845 

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Sim Affiance Intamathmal Lift 

TO Bo> 77, Si Pew Pon, Gwnwy 008123539 

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Pncn on Jwr 17. Hen go day Jm 24. 

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Ob PfodeoUaWBache Ctakri Fnamn (EaMihI Ud. 
9 Dnonlirt So. London. EC234 4HP 01-6232410 

UAV «I\ 1602 3RWL IM US51934 4Umb 191 

Taiwan (ROC) Fnnd 

e/o VKkmdi COM l*L Knot WManSL London EC4 
01623 2494 

NAV 50268 IDS Ok* U 55265*803. 

Target lnteroat Management (Jersey) Ltd 
TO Box 44 3, 5l Heljef, Jersey, 0534-75141 

taaertiiLcn.ilBoMIa.3UDU ugj* -87S| 

lam Grata Ftad JL17.70 l£o3 ' 035 

Target International Mngt Ud 

174-177 High HolBoni London WCJV 7AA 01-836 8040 

l«ll Grata' Fd--. <_ S1B87 . -004. 

Rexrdrtaai Pn*- Fd — C96* 182* 

The ThaSaad Fund 

ta Kukt-o nr Cmu Ltd. bg WiHgua Siren. Londta. 
E.C4R9AR 01-623246) 

NAV fix** 319 001 u KM fadra US5I34575I 


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Erararrau _hB3 2 271 J . . 038 

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Tyndall Guardian Mngt Ltd 
TO Box 1256k HaradUn. Bermuda 

T-GAnenrnn — BJ10I - ... - 

T6 MOflfr S «20 - -- — 

T-GEjtaOQta— 525.94 — 

T-G CamxMy &K 93 - - - - 

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T6 PaciM — v-was, - — ■ - 

T-G Wall Snrt_ (MOfafi - — . — 

T-G Grid —— Sian - — 

Tyndall Interaational Assurance Ud 
Attwrt Hume, Si Pew Pon. Gnenuy 0081,27066 

KuenBUeal Eri+iy pSJ 9 793* «**j — 

Do S — ZJIJJto 129« 11 H - 

PiCJftf Esalr — —PM 6 2523 UK — 

QoS 0 911 1325 UH - 

Horto Amer. Ealr (1202 12ttJ li» — 

DoS — - — — 4 %5 2070 l/d — 

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M. 6. Tyrreil A Co. Ltd 
3 wtqmora Place, Lonaon, wi 

On*—— £lS3S 15851 — J - 

USA Income Portfolio 
2 BouWOrd Royal, Luxembourg 

HAV Jme 17 ' SIOJB • J - 

US Federal Seouities Fnnd SA 
2 Bo* Ward Ram. Ltaentay Tec 47911 

NAVJinria 1 51030 I . J — 

US Index Fnnd— SICAV 

16 BoaWrad RaraL Lbeendioani. , Tel; 462384 

NAV JanrL5 — 1 S1280 1 .... J — 

US Pacific Stock Fund 
15 Arenac Emdr Berner, (juMAarag 

HAVJara 19 1 SI 819 I .-I — 

U.5- Treasury Securities Fuad Ltd 
TOBn+4aSi Peter Port. Goerasej. 048X23021 

SXortTeraiSfaxm ] 1574*1 I .... J - 

Firmer one Sham 1 5702.74 I — i - 

UnJco Invest Fd Mgt Co SA Lux 
London & Continental Bankers Ud 
2 Throgmorton Are, LxudM 01-638 bill 

Uaca Wfu. Fvta ID 1072-79 7500) +.1 - 

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5 Bd Jmeofi IL LowntMom 

Swnieq Pert Pita *103 1.17) . , — 

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Union-1 o vestment- GeuBvcbaft GmbH 
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AW Jura- 16 (+11 10147 


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Yfdlffal EeFd — J51D.34 10.’ 

Van Cnrtri Bawl Fd 1 SI 8 O] 1C. 

Warturg Inv Mngmt (Isle of Man) Ltd 

1 Tioaas SirecL Dougbs lueol Man. 0624 33956 

Men lo4l Fowl ill 58 112 -ti . 37 

Hen WdBota £16 547l . J 67 

Wanfley Fund Managers (Jersey) Ltd 
H K Bk. BWttCrenrille Si. Si Helier 0534 27364 

Warner Jura Tim. _] St 1 56 1226) -025) — 

Warner Gill Firaa £116 (fill -ony - 

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US Denar Beta JSHO 4*3 

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12a Floor. £JL Town. HartOorl Road. Honq Kang 

Wartrir ra*WA^Tr-*..f17(1<n 74*n [ 0b7 


WestAvon Secs. (Guernsey) Ud 
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- World Bond Fund 


World Capital Growth Fund 

Ilaragrn- PO B 01 190. Si Metier, Jersey. 0534 74715 
WriidCao&KfaFdfaAWn-' SIU1 1 I — 

bn 2A Vtf- -1 Ajrbyrri i.l. Uiry lunwi 

World Fund SJL 

2 BouWaid Royal UrremMwrg 

IMgrtd Futa NAV 1 S23.75 I -.1 - 

World Wide Growth Managenunibp 
10a, BtahMrd Royal Luxembourg 

Wortdttar Gtk Fd J S19TS I - . J — 

H* Ad>.: HAG. Inv. Uu«L. (44, 10440“ 

Yamaidii Capital Mngt (Guernsey) Ltd 

22 Swl6 5l Si PfW Port. Guernsey. (MSI 23765 
Jopra Meta Grmtfa i 513-40 1 -034) - 

Yamaidii Dynamic Mngt Ce SA 
IDA Badevanl Royal Luxetamarg 

AtaantidTrdi — | SI 5 I - - — 

Dylan GtnliFd < 526 7b I — - — 

Zero Bond Fund Limited 

PO B*a 208, Sx Pew Pon. Ouenwey 0*8126268 

Zero Btad Fraw £1287 12M I - 


Money Market 
Trust Funds 

G> Em*. 

Grou He* CAD l«tr 

Charities Aid Fndtn Money Mngmt Co Ltd 
Staple HCL Slooe Cl MotaAdadl, EC3 01-2836461 

CAFCASH Coll ftad 18*1 b-’ff 9871 3+wB 

CarUSH74nfir«~8*l ttSfe 980 Amu 

The Charities Deposit Fund 
2 Fora Slreel. Urttae EC2Y 5AQ 01-588 1815 

DorM - -B 70 -I 8941 3-rtih 

The Money Market Trust 

4>Ofa vixurw SL E C 471 «5T. 01 -236095? 

Call Ftad 8 M LM! Bfafi. (talk 

7rijyFnd 819 6+7 £72 (mu 

Opponheimdr Money Management Ltd 

b*CamoaSL EC*N6AE. 01-236 1425 

CiiF+n 823 619 6*1 b-ur, 

7rt*i Ftad 830 625 870 6»«i 

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Mtaerua Hw, Uaraague CL Lotaws SEJ 01-3282576 

CSD-CL500 17 00 520- 7JM 0(r 

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Adam A Co. pic 

22 CharMe Sq. Erfuduircd' EH24DF ,031-2258484 
F«M Semte Ct» An ■ ■■ XL.’P faJDOi 8*41 Or 

Ajtken Hume 

3QCny Road. EC 1 V 2 AY. . 01-6386070 

TirawryAu - ... -&25 * 2 d 871] Qlr 

UmmCrtilOOtMSO® _S(iO 6 M MUi 

ttifa. Fut C 6 a £5.000+ .£ 25 6 JU) 87S Ha 

AAB— Allied Arab Bank Ltd 
97-101 Camoa SL Loodon. EC4N 5AD 016262046. 

H1CA.HICMA .875 6581 9JQ| Mdi 

Bank ef Scotland 

38TJirea*e«Wc SL ECTP2EH. _ 01-628 8060 

Umti MU Canua: Au _M ID 604) 8541 MIX 

Barclays Prime Account 
PO Bar 125 ttonttataion _ 060* 252891 

n^niuCiewr — J707S ttOK B ®K Ok 

Benclmiark Trust Ltd Premier Account 
OHtrnntulHxe.muWG. _ 01-6313313 

(5 DOOC1D.BOO POO 677] 9«| b+tak 

gSIK+™?zize§ ttf 3.3 £2 

Brown 5h(p4ey A Co Ltd 

FfauKlar- Court. Ladnuay. t radon EC2R 7HE 01-606 

9833 

Oeraxta Aoc 1850 bW 101 Or. 

Charterhouse Bank Limited 
1 Paternoster Rom. EC4M 7DH. . 01-2484000 
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Citibank Savings 

Sa Mwims Hie. Honwenraitti Gitne W 6 01-7414941 
Mian Hlrfaet Plat 

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Co-operative Bank Cheque & Save 

7880 CorfUill El3 01-626 6543 

a*R?i=dHi aa sa £ 

Dartragtou & Co Ltd 

Darungirav Tolnev Dtw T096JE. 0603862271 

Mouey IMi tec 850 6401 89« Qlr 

HeudenonlBank nl SuUand 

38 TfarBidneedte Si EC2P 2£H . 01-6288060 

Mmnltn.Cfartuatex.81D 6*4) 85V mn 

Legal A General (Money Mngrs) Ltd 

355 EiKUn Hood. NW 11 AC ^ 01-388 3211 

Htai IH Oev A« 8.4 re 6J7S 6870 6+0111 

Uayds Bank High Interest Cheque Account 
71 Lombard SL LdWKW EC3P 385 _ 01-626 1500 

tuonwjnw kx5D 5Srt 773] Iftfa 

is (MW- £4.499 Fro 5«j ajij HU, 

QCUWO-49.499 — Z. — ?J-50 b3» 67« Mdi 

£50.000* 1800 650 9J7) Mdi 

M & GSKIeinwort Benson 
H L( Hie, Vinara RiL Cbelms»ord^02«S 266266 

Hi.cjLuuoD+i am 6 dd aon o«iy 

Midland B^nk pic 

P0Eo»2. StvffiehL D742&Z8&M 

M^zrzzBS &S1 £ 

M.I.M. Britannia Ltd 

74-78 Fladuirr PauenetiL E02A 1J0 . 01-5882777 

Car, aim >825 *211 j _ 

NatWest Special Reserve Account 
41 LMWI. London. EUP 2BP 01-72* 1000 

E2. 000 10 £4.4+4 B00_ *125) HJtt ftr 

UduDOondoaiw — 8125 82 S 856l Qcr 

Oppenbeimer Money Mgmnt Ltd 

66 Cannon 5L EC4N 6 AE 01-236 1425 

UafacsMua-Axa -Siooa bid 8 OTi >um 

Philips & Drew Trust Ltd 

120 Maoioale. Landau EC 2 M 6 XP 01-6289771 

H^utaCfaaOu 1850 8401 8471 Or 

Provincial Tract 

30 Ashley Rd. AttrtnclanL Chrittre 061-9289011 

H I CJLi£LOOD+) »00 877) 9371 MIU 

Royal Bank of ScoUand pic 

4£ Si Andrew Set EdWruro* EH2 2YE. .031-5570201 

P r* ratal tetourt 1787 897 8291 (fir 

Save & PrespetfRobert Fleming 
2BWesienR<L Hanford RM1JLB. _ 0708 6*966 

H.I.BJL 17*4 5«S 6-39 Drily 

Tyndall & Co 

29-33 PrbxessVcioriaSL 8 * tool . 0272 732241 

D*m**Wte£ BJ4 631 885] (k r 

MonnAu 1810 825 J 879 Or 

Cfarifa Plus Axe. UPS 82iu 8671 (dr 

J. Henry Schroder Wagg S Co Ltd 
Entmrer House. PoronufaWi 0705827733 

Stagnate- Zjtbts 5*31 ajo] m 

£10.000 ata odour >6.125 8111 B*a um 

Western Trust & Savings Limited 
The MsmycMn, Plyriouili PL 15E 0752224141 

H^n bu OuAcc _.._J881 b*D 937 (hi 

Wimbledon & South West Finance Co Ud 
11* HeuuaMrSL London EC1A7AE. 01-6069485 

HiqU liaOwaoeAcc »75 7341 10J3 (hr 

UTES-boK * xu la tfiase nmpl ban causb rne ri 
Bn. Her aaul rale ahrr dtaBOrai al CRT. Cr EmraCAIt 
Grais equrabn m Ibk rau uimws— eanpauadw anal 
raw. In! Cr l i rt faiwu y Heres) (1*04*0. 

UNIT TRUST MOTES 

Pmrs are *n rente unlffa. cufaerwrve mdraied and itee 
neugnaled S ur4h no BrMir rote* to U0. dollars. Yi**rh 
•o iWrar ui ud cnlunvii alUMr (gr an huvntq eupenses 
Prises al uriMi aidn inutmce Unfaea pltns fadfaea ic 
cariul wum uu on sales a OHerad prates utlude aS 
ctprrsn .6 Today's pr ices, c Yield based m efln rale* 
a Eaxrurrrl * Today's cnemay pnw ft aunduiar 
rrce at UN (Ores. P Pengric iwrofaj'n muranxe etai* 
> SBujIfa prenfaum msuOttr. a Ollered fm ududei an 
eapri*** t«c«f agenfs conm&won. y Ofterrd pk* 
•eludes all names rt boaaH Ihrouqh morunen. 
x PicuranitaVs ante . 1 Guxmey grass, d Smocnaed 
4 Vww bciara Jersey lax. I Ei-sutxfaurvan » 0*4s 
otattvir u durtuhte lufles g Yield column stow- 
MualrxD rnr. J NAV mticase. id ex onatenL 


800] Bail on 
82U BWl Qir 


01-236 1425 
84*1 3-Mtn 






34 


LONDON SHARE SERVICE 


Financial Times Monday June 22 1987 




AMERICANS— Continued 


DmdnnH 

PaM Stock 

Oc Ja Ap AySara LeeSl . . — 

Mr Ji Se OeSauUB F.lSl ■ 

Fb My Ag No Soulttw.lem Ben SI . 
— Staler Continental,- • 

Mr Jo Se Dr Son Co Inc. SI 

Ha Ju So DerfTRW lne.Sl'« i 

Mr Ja So DcfTrnwcs 55 --- 

Jmo DwlDo. IQaclAStk 91-5- J 

Mr Je 5e DffTrkacoJtuS — I 

Mr Jn Se DefTime I*. SI f 

Ja Ap J; Or.TrJCOr S0J3 


Pace Lait D« ^ 

£ id Gran C ir Grt 
27--M 24.12 SLOT - 2.2 
4 ' 74 fee — IJ 
24 7 4 > 1)5232 - 5-2 
166— i Nd — ■ 2.9 
WitfSll j I3J» - 
J3>»10J I IS18® - 30 


BUILDING, TIMBER, 
ROADS — Cent 


DnWcndt 

Paid 


Ja Ap Ju OcTransunerca SI 

Ft Mr As WTr jnswortd Carp S5_ 

— n»l NOVA Carp 

Mr Je Se Dr(*USK 51 

Ag Nr Fb Jn Un an CartHde U .. — 

Mr Jn 5p DclLJId. Tednwocnei 

Fb M, Ag NfljUS Wesiif . 

— Waste Manapment 51 


Me'lZS 
M7ijtfZ4.il 
23W31.7 
Wh<£L B 
12S«16.9 
2Z'.mblJ 
uiaui 
43'JliM, 
190DO3Q 
18,1155 

38, '.195 


S304. — 62 

JOM - ^-5 

538® - 7.7 
SLOT 1 - j I® 
40d - 1.9 
5L7tJ - « 
203 - I LI 
hSLOTf - 1.4 
37 

SL5® - ' 
JL4® — 


Mock 

Jan. JohrLameiKetW.!. J 170 [27.4 

_ ■ Dc8i« Cn»RdPf Cl -j IBS »2 

JwieiLiWyiFJCl 1 56 [115 

Frioi-Lon. & Cfrdewde — ■ 128 >36.1 
OctJLDveH IV. J.l 258B*j2 

523*158 


Last Dir ' n* 

' Price . id I Net CrrlGrt I P/E 


31 11341 S3JS - 


m, ag iwro vwesir — — - ■ 5 = “ ' — □ _ 

- hvasteMaragmemSl.-' » I - ' H - 

- Mtuipooi 51 0 .....J £22^-1 -' — I - 

Je Se DeW<»i«*onhS3 | j— -I S2tfl4.ll' IU2I — 


10 

2.4 

6-1 


NO*. 

Jnlr 
Apr. 

Aor 
July 
May 
Mar. 

Nor. 

Dei 

Apr. 

Apr 

Jan. SewJMerer in — .j 405 

December "Miller (Stan) lOp.-.i 128 

Jan. Jaty'MoirieraUI 474 

Ju>r iNenanhill £ 1 I QOli 

'■ * - '193 

400 


OoiMcAlDtne (AJfrtdl — 
Ftb. , UcCanti,& 4lm 2QpJ 
Nnt-3McLanghih&H_J 
OaJMagnetA Soothe ms J 
Mvr'MandersIHUgi. 
MarMariey.. — 


Oct.'Manhalls Haldao I 286 

Nov)iUanders f Jottal 20p_J 309 


CANADIANS 


OMdends 

Paid 


Stack 


[VAbbat Energy Coro- _ J 
WArner. Sarrfcli R«- -4 
lAmeno 

Ural I J 

i ScoUl — - 


Price Lad Dii 
£ I xd ‘ Gross IClrl 
2D<jp)- 


I Mar AugrNewnien-ToflkS 

j Aon. Frt.Wotungfeain Brit* I ... 

[April 0<l Persimmon I Op j 509 , 

OctJPharnl» Timber 143* 

Dec'Poctms. ._..J 470 

NonlPotypIpeiap ZJ 346 

JHMC ZJ 

iRjmelntfc. 10a 


OedHMC 
Dm 


588s 


Fb My Ag NcjBk. Montreal 
Ja Ap Ju OoBk. Nora Seoul 

Ap Jy Oc JaBCEl 

Hay Nor r*&>« VaHeyl 
Ja Ap Jy OctaBrascan* . — — 

— '♦Breakwater Pes._ — 

Fe M, An NoCan. I not. Ok. S2 .1 

July JaajCan. Pacific U \ 

Jaly Janf Da 4pcDrtnM_J 
Jn.Sp Dec Mar IfEdu Bay Mines 

— 'Euro-Asra Capital Ltd. . 

— (Gabcnc Rrswrces — • 

— (Global Data Systems.... 

— ifC ranges ErphiB 1 

— IfCi Pacific Res -i 

Ja Ap Jy OrtwGulf Canadad J 

Ap Jy Oc JaigHawker Sd Cain . — 

— iHetVys Group > 

Mr Jn Sp PrfHu*on'5 Bay 11 J 

Mr Je Se DeWmaerial OiHI 

JvAgJ.O. incott 

— 91ml. Comna Res—— 
Ft My All Na,Vl«laod Nat Gas SI- 

— lYMmcodiO Eqrin.. — { 

— 'tNtri Business Syst.ll .. 

June Deeriffin Algsm 

Mr Je Se DrPcraiBli.Cai.il ) 

Se De Mr JoSeagrainl 

F My Au NaTonnto-Ootn. B*.B | 

■VTrans Atlantic Res V - J 
Ja Ap Jr OdtyTrans Can Pgje — — 

— VantyCorpk . 


512p U 
47'jpJ— 

617p - . 

16ijpi- 
UV26-3 
12UU5J11 
503p L- 

32>t^6Jll 
llDfO.4 [ 

17'i- , 

674p bOJ2j 

222 ? I — 

870p , 

960p *5J1 1 SUd - 


63 


BANKS, 

HP & LEASING 


Dmdenfs I 
PaM 1 Stock 

FA JnlyiANZ SA1 

Aug MayUUgnnenr Fl.lt 

Dec JutyjAllml In* 

> Irish. 


Od 

Nor 

w 

Od 

May 

Jan 

Jan 


FA 


- lAmbachei (HJ Id 1 

Dec JtnteiBanaideBlliaoSA 
March SeptiBwooneSanupder..., 

Jkdy OedBadt IreM fr£l I 

— IECji* Lenrr 

AprHk.Leum IUK1H —I 
June! Bad ScwtanoCl 
iBank of Wain— 

Apr| Barclays il 

NoiJflencfmurk 20o J 

ApglBrtkwn Slnpley £1 

Juiyteusutess Mon Tst — | 

a. JuWCaier Allen U 

Jthr toaacer, Seomies— 
May EonunmM DM10 — 1 
March thpiHtt.KrlM-- 

AugjFnsi NaL F«. lOp 
July Fi 


— I 63 [16 


lB7ag6-5 ( k020 7cj 2.4 I 

04^595111027^23 1 


JKl, 


Last Ut 

Priet I ad I Net ICVl Grill FIE 

4.7] W 

. 5.9 80 

243 1.6 1061Ji4j * 


FkFChJpcCriMW-! 
— iFirsl Paafic Hldg._. 
June DecJGerrard A National. 


63 [16 
89 C53 
£311;WJ2 
EZ7T.B0.4 
ZlBr.j *- 
EM 
3S0 

599 127.4) 
>3 27 4| 
S79 93 
72 b.4 
548 &J1 
105«F8U 
4tem)i5.fc 
260rfl5J> 
£16VZ73 

£241,1183 

AMaoySS 

310 Q2.1 


4.DI5I 

5JD|b3 

ik' 


33[ « 


Frt 

Jan 

Jm 

May 

Jm 

Jane 

May 


March (Goode Dirram Sp— ' 201 N2 

JiwGmnness Peal 


in U6 

AagiffandinK 2Qo — — J 305 [812 

July' Hill Samuel 

OolHK&5fuag. HKEL50J 

SepilJosqihiLMia J 

DecjKmg & Shaxson 2Gp J 
OttlKietmmn. Benson l_J 


OctlKlefenwwi, Benson L 

Oa ApriLlayd £1 

Mr Jn Se DriMCorpSS — 

— (Mercury Irrtf.. 
Sepieiaber I DpBpcACmPrf— 


Apr Odi 

Nor Ma^Morgas Grartell £1 _ 

Jr ly Decanal Aim. 6k. AS1 - 

Aeo AprJNaLWesx.£l 

Jure lOtiomui Bank £20 

Apr NorlRea Bros. Group , 

Aug DedRmlachiMEJlHidgsJ 

— Do. Warrants | 

— RoilnreBs 

Jan. July Royal Bk. of ScoOaaLj 

— SoadnariaaBk links J 

May Oa Schraders 

OcHber Da Q NSV— 

Fb My Ag Nr Src Pacific SID. 

May Oct Standard Oiartd.El.. 

Mart* I5B 

— >7S80umf>tlaadsJ 

Mar SepuUnioa Discount £1 — 

Ja Ap Jy Od Wells Fargo S5_ 

Jai AdriWeshucSAl.— 

Apr OolWimruslJOp— . 


MnSandO . 



2.41 — 
- 531- 


Jui 

Mar 

FA 

Od 


Hire Purchase, Leasing, etc. 

ay OdjCaolris IHdgs) lOp . -j 66 [6.4 j W oj 39 

October Icumb Lease rnSOpJ 249 I 139 82 

May (Cie B'cre Fr.100 — J £67ij93 ( 010V - 

• Etpitt, A Gen 5p — J J7I,MLU‘ ' ‘ 


AuJe*iH, A Gen 5p — ^ 

July Lon. San. Fln.lOp._{ 108 

OatMowgaie Merc. lOpJ 81 

Pro?. Financial I 369 193 

!R20pJ 650 06 



BEERS, 
WINES & SPIRITS 

2 [L6 
WU 
ijilflJ 



Mr 
FA 
Jan 
May 

Aog. FAiSrarm (MaitlMl. 

Jan. JidyBiicJcley's Brewery— j 162 

Sett MarlBdmerfH.P.150 I 

FA AinBurmiwood Bnewry, 

Apr. Ottici arid Matthew! — 

— jDereurdKJJLI 5p_ 
Septendier Do45cc CrZwlPf.. 

FA ApyEktodgr, Pope 'A' QJ 

Aug JanWFrtir. Smith T.A£lZj 

Jaly FebKreetiaJI WlMlty... 

June I Do.S.95ocCvPIO._! 

Aag. FeoJGfwne King. 

Aug MardJGuiiness 



Do.51iBcCmPrt_ 

DoBVpcCrLn J 

| HlgMand Dts a. 20p J 

iimf$ontan DbtSi . 
JufflrWiOhDUtfS — .. 

ApnMacaUin^lMHrM 
OctiUacdanaJdUaim'A'J 
SeptjHarston Tbomosm _ J 
(tawMerrydoM Wise — | 

JardMoriaad 

SeptJScoK A Ne»20s 
law Grow 



422 

EUM.J16 
68>;iA156 
144 (6.4 
631 14 


ILg ZJ 
tl7JB 33 
gG89 2.9 
3-324 
1« Q L9 
32)13 
t529l 28 
10.8 Z4 
3.4 
92.71 46 



372 06 

43W15ii 

420)81541 


u. J«hr|AMEC50p. 
October [Abbey. 


BUILDING, 
TIMBER, ROADS 


Not. 


JAberdeen Const 1 2S5 

IrAngLaSec Homes J 485 


May 


May 

Jan. 


Jaly 
Jane 

Old.. 

liffeiOp 

Held Group lOp — I 

Jaly JaiiAowt«ts5p — 

Jan. Aig.lBPB lnds.5Qn 

August (Baggeridge Brick 

Jan. JanriBaileyiBeiiilOp 

— iBaldttinlOp 

Nor I Ban an Der. lOp — 
JuMBeUway ... 

(BePwtiCB lOp J 

Aug Berkeley Group.. 
Augj'Ben Bros. 20 p— 

Ocl Blockten 20c. 


Feb. 

Mar. 

Jane 

Oci 

Oa. 

FA 

May 

Nor. 

Agg. 

Oa 


JUj+Biue Ckae U . 
MaylBmdon Lime . 

" Jbsaea. 


aBnush Dredging. 
nBryan Hltfgs. — 

Jaa Surnett A Hallam 20p J 

MayiCRH “ 

Jan. JuhukNnad Rby 'A* lap 

— WChrsBnrtsier Grp. J 

— thurdi iCharies) 5pJ 

OCL MayiCanJer Grans— 

October [CtvsoniFJ So— 

Jaly OaJConalo Grain) 

SepL Apr JCountryMle Praps 

Ooober jOtuglasIRobLMl 

October 4-Dunum Gr-nop 9) 

May 0d4EBC50o 

Apr Oa£<fcnonl Hldgi lOp 

— (vCreConurMlon. 

August iFairbnar lOp 

Dec JoaejFA. InU. 2Qp 

Dec Juki Do. 'A' 10a 

On AuriFMmtra ttardng 

Jan OoiFinlaii Group lOp. 

Aor. NMjGallifordSp 

May KpCPh Dandy A 10 d I 

tof Jan [Gleeson IMJ1 lOp— J 

Harrison Inds lOp | 

JnlyiHm-lersai Group .... 
JulyiHcnden-Sliurt 10p.„ 
JnlyjDaJDcc Ln.03-0B 

iJUmnwi lOp — 

Oct’+tersmod willianis... 

June Higgs -Si HiU — 

Mar. Howard SIM 10D 

Maribstock Jdnsen 

Fimid Anco Cm — . 

OtxUarrhU 1 

OcndJemings AUO 

Oa Maunsianer Pts. Uh _ 
Jnfr Marge Coo. FIDO. _ 

[fw 6 Iv] Lang t Jotwil 

FA AugjLatharnU.m 


Dee. 

Dee. 

Jar. 

April 

Dec. 

Oct 

Dec- 

Mar. 

Kir 

Apr 


£104(93 

169 J92 



(158 

43(106 
1303 
16(223 
ll37A> 
3.7134 
1.9 33 0 
. 2.41223 

4J 23 3^203 
043(33 3.9113 
' « 2>d « 

♦1 - ! L4) - 


Dec Manus J 


Od .'Tied land | 

JuryiRowliison lOp 
MayRnUer 


— j 24 


JufyfRugby P. Cernein ( 

— ISamtetl Perkins..—. 

MaySlme& Fisher —J 

DeeJSmdalllWml i 

JaiySmari (J l lOp J 125otfl54 

OclBieetier. J 365 16.4 


Nar.lTamuc 50p . 


J 295s|U3 



DerifTay Homes 442 44 

OciJTayiOt Woodraw— J 488 67.4 

! OcLTirburv Group I 380 813 

■ NorJ Tram & Arnold ,1 350 B7.4 

On-fTrem Haktoqs lOp I 133 >233 

June (Turriff Carp. J 371 fe.4 

June tTrsors'Coolr.l lOu.J 54a (33 

Jane Ded-HialCrijBcOistsZOo.J 120 67 4 

OcL-VdrDplant l_l 670 92 

NdriWard Graap Sp t 204 tLS 

Oct 'Ward Hklgs lOo j 654 032 

July 1 Want not tm (ThdsJ 

MovJWaus 6LJ>e 

yJGp 

rtmn Bras — | 

. Vigguu Grans . 

Wilson Bowden 10 d— | 
JulyWriiantCoinalfy). 

JuIytWimpey (&»' 1 




DRAPERY AND STORES— Cant 

I rid ends Last Dir I TMi 

i Slock i Pnct ad > Net .C'rr.Griif FrE 
Wilding OH Emt 1DB-J 240 i- ( u3 25i23| 19)31.7 

'WntsmoorSa f 126 |!1.S! £3 « I 23* 6 

tMtoofeons B'nnelOp J 197 ■— I dSO.Tl 13 I Zh 1 358 
NarWoohrarih Hldgt..— 1 426 >U5) 84 2.7 [ 2417.9 

Oct) DD.Bi2PcLB2aOT.JU91 *»3 l EPjSJ — M.7< — 
IWdrtfl cH Leather 10p_J 126 6.4 I d3.0l 33 I 33)12.9 

ELECTRICALS 

JnsejAB EJettnmtt 1 379 lb.4 ■ 1081 LB | 36)198 

OcuAMS Inds5s J 68 93 I 131 33 30(136 

tf Acorn Cnplr lOp — 3 69 UW -J - I J « 

lAdnirai Cwvflting 5o .) 169 I- ■ *2.13)34 I 1^223 

MarUUphamera: 5n 1 438 A3 23< * OS 1 •» 

April jtAmrr EM Corap5pJ 33 AJ 087127 JAllU 

I Ror(Amstrad 5o_ 1 172 1232 103513671 03iLL2 

Sped H'grartucs 5p J 472 - — I — ! — 1 — 

toWanants i 435 I — ~i - I —I ~ 

iric« Com lOp I UlrMI _l — I — 

•A-NV5o_t 47 64 I 0.72)3.1) 2JI 


OctlAttank Cmputr 10o_ 

'Auto Fidelity lOp , 

MarlAoWtedSeclOp.J 260 16.4 
JaiJBICC SOp. 


— 378 (27.4 

JunriBSR IntllOp I U9 16.4 ! 


- [Htamrtt 6 Flat* IGp 


Ma Ju Se Dcftlad. A Decker SOJflJ U4>ri96 I Q64d — 
193 Q32j 1L3 4I3J 
210 filJl »02d 59 
227 Til 5) 112.7)40 

ZU )16 j J07S29 


L3.4I 3 o | 27|I7.b 
10119.9 


CHEMICALS, 

PLASTICS 


ApgAkn>FI30.. 


£421*24.4) 

MayAfida Holdings— 1 490 lb.4 I 
f i-NAUieo Conoids lDp ....1 302 112.1 

AugfAmersbam Iral ( 577ojll56 

Nor . ' Anchor Chemical 1 430 *27. 4 

471^81 

July 'BASF AG 

Feb AagiETFlOp , 

June |Eayer AG DM 50 kUOtpit&bjOS 

AprilOct 'Blagden Inds . 

May MovjBrni! Chons lOp 



201 .93 

..... 198 164 

- IBHl BmuoI IQs ! M0tdil5i 

'r-CurOndge isotope lc J 84 

JulyjCannmg IWJ _J 279 HU 

July Goalee Graap [ 389dll5.6 

Jidr’Coatn Bras I 313 111.5 

Jaly Do. ’A 1 NV _.| 273 hi 5 

Junetory (Horace) 5p— J 33>£7.4 
JuMCrada InL lOp— ZJ 226 113 

— W Oefd lOp J 213 I - 

[JDelmar Group I 63irflSb 

IDoefbjlOp J U3 


August 


Mar OctlEIlK & Ererard. 

Mr Ju Se DetEngedurd U.5.S1.00. 

Mar SewEwde Group 

Jan JrlfiFowto Mhoeo - 

June 4Gaynar Group 10p_. 

Jan JglyrtOaryte Swiace lOp... 

June DedHa/stead (J.) lOp ... J 

Mr Ju Se DeHeraiimliidl 

May OctlHickson Ini 5Qp 

Jane [HiMctm AG DM50— ( 

June DecJ DoFm.10pcUn.Lr.-l 

JulyWolt Lloyd lnt 10p_J 

Apnlllma Chen. Q J 

! NorlLapone lath. 5Qp I 

Sept) Leigh Imeres Is 5p 
iDatoxCr RetLPrf.J 

WvibonkW TeJi UaSpj 

Jaly FetalMartew HldgL .—..I B3 U21 

April tNoralndv 'B* Kr. 20 J £24i,p4 4 1 dBN 52 
February iPerslorp AB 'B'SUO J £22', 6 2 lOlflW 6 

Jan Jiriy-PIysa 22ldll54l Z2\ 9 

Apr- SeoUSaitsoin (Wm J lOp _ 72 J23.2 fbl W 3.1 

OcitReabrook HM« J 265 127.4 

Nor fentokil lOn ) 217 1233 



. L7 

»oaN o 

7313 

436(30 

1139, « 

MM.9d - 
40(23 
3.75i 9 
5.71 3.1 
5.7f 3 J 
045) L3 
ail 1.7 


9158 



P . 45) 23 
1tt5.9l|2J 
7 2d - 
34b- 34 
9.2) 13 
L2£7f 28 
25 23 
158)33 
OSliOj — 



ISchemg AG DM50 _| 
ISwcWIe Speadnai - 
May Norfniurgar Bardei lOp .. 

— hfbbigPackagiaolOpJ 

June WanBe Storeys lOp-1 

Nneober )3WMMrtklni.l0pJ 
May NnriWobwnboime Rink .. 

Aprfl OcriYoriokireChems.— » 


□91 [20.6 
U2 lm 
113 g7 .4 
246 

572 fcl.5, 
59 IU10| 
368 (6.4 
242 193 



DRAPERY AND 
STORES 


_i _ 
MH * 

•IS 6 

ttM- 


... .. , Z5H.7 

June) Do. 'A' 50 83(6.4 25) 1.7 

DkIasMft iLaural 5p — 204 £L5l 225) 2.4 

OdWtiprar 715 t242t 10. O' 34 

Odl-Mutomagic lOp- 126 ^3Jf 168) 18 

iBuuwUl'A* 1 153 [115 1 3.451 Z7 

180 1233 043)28 

163 127.4! 2AS 28 




July 

October i«Wtprt IWnil 5p. 
Jan. Nur.lBeiUlb lOp. 


(VMBdkGniwaAS-i 287 (- j -i - 
Wadis L^rjae Gc LOn J 26 784 1 n— ) — 

May Nor^BDndiants 10 p — 150 16.4 j t452.1 

A«4 FebBudy Shop lnt 5p 79Sall56 1U5j62 

- iBofionleiLSp 1 S3 '4181 1 -J - 

AugjBrerarer j 98 Jl3Jfl 10^03 

AsglBrawntNIZOp 640nl|l56| 75(34 

Jald Burton Groap 50p I 3Z7 

5et*)Cjntors 20o 

Dol Do. "A' 20u 


May 




Cotes Mrer A5Q SO. 
NorComb Eng. 12>jp — j 

Oa Courts 'A' 


May 
Apr4 

Jaw JaniOAKS Strapson ‘A' 

Nbreirtwr |4DeBicn<Anbf) lOp. 

Oaober MeMorJOp j 

July NdJDewhmlllJ.llOpZ 
A<a OalDiionsGroopiaj— J 
iDanlrU HIdgS. 10p._ 
ERA Group Sp 


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350 W.4 f 3^4.7 
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Jan 

Jan. 

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J^y 

Jan 

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July Dec Wart White J 420 T6J 

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142 11151 33) 25 

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270 '306 

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289 64 


February 


■CanOndge Inararom J 138 I— 
jfGheckpom Europe J 430 '— , 

(ChlondeGrp. 1 107 6’BOl 1.91 9 

Do. 7ljpc Cm CnrPI J 461 >2411' 

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lnlL5p 243 i2tl 

- 5b 680 M 

fKorapsolt HUgs.5pJ Up d'85 

NwjoCout'l. Ulcrtraave J 193 633 , ._ 

AugjConrdl Tech lOp i 230 (2b J I 30 28 

JutrOCrantnos Elea 5o .[ 61 <242 LLS — 

Nor JCrayEl tituuc 10p i 453 (9 2 1391 j 9 

JidyjC-ysQiate 5p I 255M136I 15.1138 

- krOBE Technology Up J 43 I - I -I - 

Feb AuglDOT Group 5o 1 166 '1661 12(76 

Apr Sentk-BJ Sec Alarms IDp J 150 & 12) ♦0.75(73 

April OaJDale Eject. lOp 1 113 >232) F35< — ' 42! — 

- Matron Inti 5p ) 55 129.9) fL» 5 lZ I 23)111 

- toena trail litU.5p.-J 71 &74) lJl6l 21)37.1 

Feb AogUOemtumElecL 1 140 >42 I 0.63 331 38(10.4 

Aor OaDewbust A' lOp I 36 H2 1 1 L2 24 I 4S1OJ 

AugiDonung Pnnt Sa. 5p J 472 ?)2 | 23)74 ) 0.7(27.7 

May/Dowdtpg6M.10p.J 77 >27.4 1138124 zilzao 

Nov JFDruck HWgs Sp { 433 ^4 I 14.4) 4 7 I 1.4(211 

JuiyjOubiher So 1 193 >16 I 13.ll 38 1 22102 


Feb 


way 

Jan. 

May 

Jm 

April 


April 

July 

May 


Ealing Electro 5 p_J 133 M I 22*36 

— Elect’ lumps 10p < 500 >10111 7.d * 

GctifEleciran Hone lOpJ 176 )9.3 t3.ol 15 

JulytElec.0aiaFracT.Soj 140 *>2 1 L7S48 
(Elea ranic Machine J 111 1102) — I — 

FebjElecmmc Rentals I 71i>sSl5.b( 323) 6 

NoeJEmen Lighting 462 64 < hS 29 

May 'Ericsson tL M.) SK5A.J £25 Ll65lyQ18V * 

Apr Oa'Eurathern fid. IDp... 442 G6.1 1 58(3.4 

K-F S> H Grasp lOp— 113 >93 I L4.7b) 25 

Jaa AudFHlEleclOu 165 JUZ L4| 6 

June DftlFameU Elec. 5p 249 '1131 

— rJFeettock lOp I 81 >8121 

Feb Sept'Ferranu 10p J 138 ‘812 

March SepilFintSeCu-dylOp | 350 >26.1 

— (OFIncher Demn*, Sp 

— jForwart Group 5p_l 

May Forward Tech.. 

Jim DecFupta Y50 

Mar. OaJGEC5o 

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Match 




March SepttiiA-Sig fi C oil 10c.. 

- ($JSB Electrical 20p- 

OO. Apr Doan Straws— . 

March Sepl!H<p»iH Systems — 

December LjWwk-Teknit 5p 

Feb AugiKode lnt- 

Feb AugHfLPAlndvstrmlOp. 

— HfLaser Lab SA030 .. 

May Od(Lec Refrigeration— . 

— BjencunlneSOOl — 

Nbrember LwucalOp 

March LogneLSp 

Jo It JaiwLoriin Elects 

Jan AodMK Electric 

Jaa JuiytWiT CamauuigSp-J 

May NoriMacn>4 5p J 

Oaober iMagwtitMaurieELO J 

May OctWeUenuarelntlOb-J 

— >4M«iucnmIiiU.lilpJ 

May NunMeniN IQp. — ■■■■[ 

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Apr SeptlWenyier-SwaaiSp— | 

May NovMloraBusSysSD 1 

Jan. July Micrafibn Repra ) 

— (Micra Focus 10p~Zl , 

Jaa JiHytaicra Scope lOp j 147 C 12' 

August Mtcrogen Hldgs. 5p ..) 371 (26.1 

Oeandier JMicrolease lOp 1 148rfl5rj 

September FMKrasysunelOp...) 343 |92 

October FMicrowiecSb — . — | 43 "" 

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— 'Mitel CoraJi.. 

to, (Motym 20u... 

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December 
August 


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Jan 

Mar. 


SeptlMolwone Elm 1 N [118 [ Oil - 

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. Tedu Iws — I 82 116 Ofl ♦ 
NEC Cnrpn V50— — J 852 H5J2I Q13V 3.9 

JartNEI — J 1Q6V6.4 | 52S0.9 

OaJNew nark (Lows) ZJ 30 <26.1 j 148j L8 

1.7 1 07) I 


— (Nokia CorpPrfd I £21), 

September ^Noritabt Elec. 5p . J 85 

May bltirii-0au'A'llJ(20 j £28V(145l013tiS) ♦ 

October blonhamber 5p — J 430 >11 8 1 I3)10.9| 

Mr Jn Sp Debit* Telecom II | £U i,[56 I tHOd — 

(OtewolOo 39 ® '851 B-j- 

(Wrahio Tecb U I 1U (- |MR37d 52 . 

Oa AanMMletrunemsSp.J 359 £2 I 24J * 1 0. . - 

October IP-E inwruHoud lOp J 228 lb.4 I 3 0| 3.9 I 18H9.4 


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0.^246 

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Jaa. OcLlPeony & Giles lnt] I 248 Sl2j 1218(46 

6ily Janf-JPerwi 10P 1 96 |12J 

Mar. 5epclPetkUHEUiier4pt;._J £267*^93 
(♦Personal Comps 5p 1 190 *92 

NowPtncoa 10o_ I 67 J33 

OedPhtfips Fm. 56it — I ODb^l 6 
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May*6PwRrimelm.5p-J 101 fe.4 22513.41 33^116 

(W.Pnvur inn t out ■<. a I t.idlll 1 1 


May 

Jme ^rwtwickSp 

Nowmbcr (Process Systems Inc. 


October 


(jRaflamecGip&P — 

^Radius 50-. — — 

NfRju Dau Crp50J0_ 


52 023 t05j • I «} 9 
25 [UJO Q02Sd - 06 - 


- khraGrauslOp j 1B1 b— 1 B— 1 - -J — 

«r MuesiellOp 206 1212 4.ra 35 321.125 

Feb. Anq IRacal Electronics — 257 |92 I MUS 38 I 16)254 

Apr Od Bo i’pcCiL* 2009-14 j n22V2J3l 7V17.5I I5.T\ - 

“ “3&I < U J; 


217 

12 


October iNfeal Tune Com. 5pJ 153 '19 ' d?0> 1 7 

jit. Apr HerashawSo Z 230 |23J* 122*68 

May NovtaRtKfcMaf HWj, lOp .1 100 IU13' — 1 - 

— lRodime5p I 545 I — 1 — i — 

OcltSTC J 107 193 ( 4313.7 


1 Tech. lOp . J 265 812 

rfStadramclOp— f 228 tWll 

•JScbolei (GH1 J 448 1233 

(VSeanty Tag System J 238 


MarJSenmodCW-ICn.J 378 64 

Nni4Si9nnli«l J 65 [29 9 

NoriSWiwn lOp 1 143 03.3 

— Bony Co. V50 J £K,\4 '© 

Septendier (Spumi DlHsa. So ( 59 [28 7 

- teopndMuSs 1 73 112.1 


♦1234(21 
1nL65| 35 
till 33 22 


18)452 

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28117.4 

13)44.4 

18!396 

36)176 




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J*d3i» Corap. 10 b. 


OctjSione irU 20p 1 109 (S.2! 12 

JalyjbSunietgb Elea IttoJ 44 ' 

Noraadier WSyrame Cotmfr Ja J 365 


, .*5 12*10 

May Nn.[5ystems Oesignrn.. J 94 *4 , 

... — -- ■ BE I11 cl 


3 7S46 

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423 3.1 1 2JI20.5 
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03)5.9 12H48 
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141 )15 9) dLffl 6.7 ' 18116.4 
62(1202) 
12 9 


Jiy NDrtSyumtRtihr. lOp.J 185 '11.5. . 

August [TDK Corpn. Y50 J 061,^0.8 (M1727U 9.4 I 0.9<11.4 

[nos Circuits so .... J iu |io»; 

Jufy)£TelKompuiing LOp.' 285dl56 
‘ ‘ Pi500 


JnneiTtietaica I 


■J 450 


03fl 4> 
221 5.4 
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581 ♦ 


0030.4 
as) 332 
3.7( ♦ 


13(66 
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Mar. 

Dec 

May 


OedTeJetneiru Sp — j 61 llD3l "SoS - 

JrlyrTeie. Remats. 1 244 H13 7.7S « 

[Tenby SOs 1 295 2611 *481 48 

FebjSThemnl Scientific J 302 WJ1| 3251 9 
740 fel2 1gl73) L5 
184 116 I 7V30 hi 
. >fF.W.)lflp_J 445 16.4 I 146)68 
*TasMa Corea. Y50_j 302 '10121 Q1«V 32 
~f 415 *1* ' 


OclITHORNEUI.. ... 

June) Do 7ocC»Pf '9: 99..l U4 H 6 ! 
Deoltopef 


Feh. JalpTwcUll Group 5p 

Jul DecKJEl 10a I A44 ILb 

Apr. OcljUnitfOi 10o I 285 S3 2 

Jan Senjorited Leasing 20p.J 263 &12 

April OaUid. Saenufic ) 242 lib 

May OctivGlostnunenu lOp.J 536 di 4 

FetL Oct JVnlfT Group 1 345 022 

May*»Watne Kerr 10u .| U G7 4 

JwyWsui StfeciOTp 1 128 Xb , 

Oajwholesalr Fng lOp ..J 415 02 ! 

WorttoleiSOp —J 141 >10651 

September HfZygal Dynamics 5o J 110 >1541 


April 

April 


T2481, 66 
5.9t32 
163; 22 
♦4dSJ 
tbOOl 


17(24.7 

54 • 


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1.M1S.4 
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1.4|162 
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36)68) 09)218 


Oa 

June 

Aw 

Ho* 


Oa 

June 

Oa 


ENGINEERING 


T9B2J 
tl5i 60 
23 
18.4(28 

Oil — 


36jfllJi 
Zt> 78 
3|l9i 
2S17.9 

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MayjAPV Baker 50fl TOO t 7 - 4 ! 190)1.9 

NouJAOwesl Grand 299 5 t.4i 185 ji ZJ 

NonUfTMMce Eng J 125 92 I 1*2.4' ZJ 

Maytoui&Lacy- 1 570 jy.n 24.011.9 

[AMratotfl 5d i 24<,II , 84i — i — 

•♦Atlas Cam Eau Sp — I 320 17741 L49IZ61 22)252 

MmiAuumIOp 1 99 !?74 l.>£ 38 1 24114.0 

Croup 10a 1 345 533 1 1165531 071325 

HaylELiBcaek lml_— J 209 lb 4 i 8.71221 5.7li92i 

Ij-801 — I — I — I — 


3 7(18.4 
3.«1S2 
3JI25J 
5^122 


- (Bailey rc. H.r J 26 !>&□ I 


Feb. AugLiBaket PeiUnri SOp I 349 0121 *17 Jl 1 9 

May NDsJ.BanralMs.20p. — -J 208 lb 4 h634l ZJ 

NonBeaufora lOp J las 137 ai J5|29 

gBntrlSp J 58 lfc.4 I 12.25 32 

SepWipnm Oualcasl 1 2S4 FJ32) 47927 

ScptlBimuacpuin Mm I 243 SLi2l *6.79 28 

NoJBUa-wodd Hodge—' 641J6.4 ' “ 

Sm'Baotfe Indatiries „_.I 20a KL'I 

— 'Boulton Wm JOu | l£i SJf 

BratthwarfeEl i 4<Hirl? 85 i 

FA i BD 11 9 I hl23*«J 

Feb 


May 

AW 

Jan 

May 

Feb 


18) 42 I 22*133 
18 13 I 0 71 _ 

Hz' ■ 


— 'Bristol a.SlilplOu —I 171«I08Q| 

OctiBraratgraw infs 5pZ 152 116 I 1A51 « 


1.9)168 

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ENGINEERING— Continued 


OMub I Lari. 

Paid ■ Stock Pnu cd 

Nov Mo/Bran Eng lOo 1 34 d 1 a < 

Mar Jufy*8raovr Tool5a • 45ufIS6 ; 

SepL Marj8irl1oi^< 20 p. \ *40 52 

Jofy Dec*C 1. lOp — - 43-5JJ-10; 


J as 
July 
Feb. 
May 

Jan. 

Feb 

Jan. 

Jan 

May 

Feb. 

Jon 

May 

Apr 

July 

Fa 

OcL 

July 

Feb 

Dec 

Oa. 

Ape. 

JMy 

Jan 

JMe 

Jtdy 

Jme 

July 

May 

Dec 

Apr. 

Mar 

July 


On . nd 
Net CTr St’s P 
0 5 161 20" 3V*J 
1145 23! 4.413. 
10 6 26) 33)168 
185' 3 7 I 33)152 
25 36 I Z2U63 
15 Oi 2.7 l 3 *'148 
379 * 36) 9 

4.0) * 42' * 


AagiCastmgyldb..— 1 143 '16 

DecCbamberlhiA Hal... 1 133eMS6, 

Jdfy:Clwn*nraGraapSp— ] 645m 22 L2; 116.5; j 33 IB 0 
Oal Do.CnrRdPfSp.. 144 04 , bO- - [ 5* - 
tonrirHuPt. . — -( 93 1‘79[ 

— lid! 


MatjClayiai San 50p ; »6 113 

AugCuHenlAlTOp J 735 te-12j 

JuiyCancentra: 10s ■ 240 )L6 . 


Angle oak <V;m.l 20 b 

NmCooper iFri IDp — j 

iCrantte Group. — — [ 
Oa.trawn House — 


140 !0J2l 
182v 113 
90 it 103 
355 27.4 


4.0 32 ■ 58 B2 
1108 0 4 j 20 1 - 
t4 5)2J 26' 233 

1g4i3.l! 4.4 112 
id 1. 26 | 08636 
‘ 92 

♦7.9. U I 30(353 


ua.sLiow* n.juse - uw 

D«iCnfnnnm 76194. —.1 EZ27I.-18 Q3 7®«; — ( 1* — 


■Dale Graio 10 p -J 136 (— 

Du'Dawesi Met. lOp -J 76 0 4 ' 

SeodOaiyCorp J lig -232; 

DedDelto Group .( 305 0 4 


R4 5- 26 431112 


JutytDertlend 5 Od — 

Maytononlier Bras. 

OeCDwrtwbrae lOp 
jFEame 


Ei 


413 >L6 
355 04 
123 
120 


Aag'Edbra | 26101156 

Sept! £lintt 1E.1 93 (Lb 

AprJFlIe Indnur _ 


14 8 301 38)9 5 
761 29 1 3.4' 13.7 
9D 36 I 3.0)127 
7.71 32 I 41)102 
t7Jfl| 05) « | Oar « 
04 I LL7S 24 I 20>248 

;oJ 9 


OcLlrmhiG. M 1 IQp j 

r«5o J 


"3 0 9 . 
35^ L3 

TlO)4J 


I <21 9 


13126) 
585 LI 
U.O 23 
40! 29 f 


4.4! 9 
6 b'15.1 
13)26 
48 88 
6.0)19.6 
5.4)93 
301L1 


73 *93 
109 232' 

NoriFfllkes nn 5o j 42ir27.4- 

AuglGEI lidnl. 20d J 132' J2« 11 

NdJGKH £1 J 328 S3 3 

DerCa-toii Eng. 10 b 146 16 

Dec.Girttwed Hit ) 479 '113' 103' 27 I 20173 

MjrHaHt PreoMdnSp— J 136 92 j 20 3 J Ztfl4J 

Norlfilll Em. 50 b J 310 6.4 iaD9r4 44;11.9 

July lHall fUanhrni I 211 27.4! 525' 31 ' 34)152 

OclJHailrte50p 1 342 92 ' ♦IOjH Lb ' 48214 

Oct'Kantpson Inds. So — I 71 26.1 tthl 13 32 1 22195 

Dec. ‘Hawker Srideley -I 535 11.5i 178 JJ I 44'UJ 

Oaober iHraihi Samuel '50o..) 475 '1591 l>15.0 33 > 43 43 

Air Sepi'HinS Smnh J 143 Ubj! fiJO 26 ' 3*153 

sAHonsorSd- -...! 93 1 — J — > — I — j — 

AugiHophns'MK 151 k) 1011( h!33i 28 . 21)136 


Dec 

Apr 

May 

May 

June 

Feb 

Oa 

Feb 

Jaa. 

Jan. 

Apr 


OctiHumden Group 
OctilMl — 


91'a-2bl 

2411*6.4 

UotuKon & Firth lOp J 4ZGdl5.6 

Oa (Janes 6 Shipman { 174 (64 

DedLaudGraHD < 319 27 4 


58 75 
3.4)14.0 

OBjiCF* 

3 3 143 
3.0)16B 
4.3)10.4 
27117* 


MarlLmread J lSOri-A 

Apg'Uord < F.H.I J 941^832' 

JofTLockeriT!5p... —I 49 i ’ol36 

JuK I Do 'A'5p J 35tdl56[ 

OalMLHoWiniri. J 752 |9 2 

OcrWS iraeml lOp 82 363 

Decendyer |Uangane--j Brouie- 1 228 ^3 2 j 

June Jan.lMcKcdiN'.- ( 305 37 4 1 

OciUJeggrtt 5o 1651; [J 15 ( 

OcfUeLi»3> Sp : 105 233- — — , 

AugiUncMiSomJao.. —• 265 (2L4) ♦385)23) 20302 
NbtJMoIios 1 279 ‘64 1 871181 4jhlJ9l 


Aor 

May 

Jan 

May 

October 

Oa 

Feb 

August 

Jan 

July 

May 

Not. 

Jan 

JWy 


3B5<25 
681251 
025' 28 ' 

4.15 29 
7 0 22 I 
2bj 28 I 

30281 _ . . 
375' 1.4 ' 5.401L41 
13' • I 36) ♦ 
13' 9 I 5H « 
90 « I 1.7( 9 
20 18' 33222 
130 30' L923.9 
110.01.4 43145 
a!3 43: 12)24 0 
h2J4< 17 1 3.H165 


'Neepsend J 


Maylfteili 1 James) _J 


S0i2il5.9 

246 Q74l 

IvNewage rranv5pJ 190 233) 

OctlPorw Chad. 20p 4 310 [232 j 

Ipneu 'Lett 1 5u 

July) Do BpcCnrRedPrf . _ 

Feb'PHP 


Nm 'R ansumes Sun, 

|RMCldlelF8.l InK J 
MayttaiciifftlG B.>. 
AuglRenuM . .. 


366832) 

730a(156' 07 9^i - 
15.0) 3 J 
60)25 


OJ- - 1 03) — 

7 3> l* | 4J.XU6I 
L3.5) * i 25) • 
I2D3JI 09139.1 
103(98) 1JJQ0JD 


June 


tki 

May 

Apr. 

Nto. 

Jaly 

Jan. 

Nov. 


Mar. 

May 

May 

Feb. 


August 

May 

May 

July 

Nov. 
Apr. 
July 
Mar. 
hm Ma 

a' 


261**116 
>41 <233 1 
1504 feJOl 

lfl 5 ! 

90*2(306 

Hor 'flidurtb ILfycs.1 ) 105 [115 

iRMartwiUMgartfl J 70 jS'aaj 

iRdbuiMn iTbDS.J J 533 (ZJJl 

May)Ratorii lOp J 202 04 1 

(5KFAB5kS0 J E33V30 4! 

' 143 '233 


L2S - 
1 3) 9 
38) 29 


2*1 lb6 
24)21.3 
_J - 
L3 - 
28) 9 
3.4)98 


0^1 


17.9 

4.41150 


NoriSPP IQp i - - , , _ 

OaJSarille Gorton 10o_l 96>z«32 tiil2» 22 

JmelSenor £ng-g lOp — i 63* .<6 4 

janSmoi Cntfg [ 

Juiy)bOT Group I 

MayiSomu-Sarcu 

Jan iStareley lmh.i.1 

'SiMheri 6 Pni 5p — 1 123 ■Ll’Sdi 

Sept .‘TAG E lOp ! 460 H12 

OatTIGrowSOp- J 357 19 3 

OalelfosZOp J 155 6.4 I 

SrptiTei Hldgi I0o_ i 145 G2U) 

K-ThorncontG W.l 5pJ 1*0 '16 i 

(tityssen Dm 10 ( 810 UTO QMflWSJ 25 5.9)68 

tTnpieJ J 191 <22-121 201*3 L41712 

JaisTyradt Turner ( 308 SU2( 48) 16 18K4271 

DecITynck (W A.l lOp.J 147ailL5l 122526) 21)28.0 

JartUtd Spring lOp t 96ill5l 120)29(24(153 

' VSEL Consortium £1 i 5*2 032 ] W5.681 43 j 1.41170 

May)Vidu>ri50p I 204 |233 1 H6fl 21 ! 4.0113.7 

OckjVicior Products j 109 


3.0164 

65) 11 . .. - 

022%) 2 7 I 3.2' 11 7 
5J5> 22 | 5.0112 

18(338 

10(241 43)13.4 
115 231 4.5‘IU 
578 9 | 62' 9 
5T 12 1 4J7L14 
20* 

BilUzl 25'4.9 
ad 1 23 ■ 51' 168 
3* 1 6 I 33)21.1 
43)35 43128 
L3.75! 38 I 33*113 


VA Hldgs lOp 1 68 (27.4 

OcUWogon Industr'l ( 378 192 


[Weir GitWB- 
(Wellnun. 


Feb JWestland Zi-p J 

JsneiWhessoe 1 

hMww»10o —4 

IWuodiSW)2Qn_ J 


N m end i er 

Oa JufyWrit , ifRmnl2‘iB— J 


m fc 4 

68 16631 
13WL7 
94 fe.12) 
42 teb.ll 
102 569' 
88 12331 


5.011.6 63H1.4 
LOj 27 20245 
185) 15 I 3.1(175 
35 36 24*143 
8— 1 - I -1205 
129-14 7.7 
1551,20) t» 83 
051,18 161,25.9 

— [ - — jlS.7 

38161 4.7)10.4 


FOOD, 


GROCERIES, ETC 

OMdartt | | (Last 

PaM J Stock I Price 1 ad 
Match OojASDA-MFl Group ,_J IBS *263 

— iAonsltaxfiewMuJ 449ml 15* 

Jan JufyJUtune Soft D lOp — 46 C 

February Uppteiree Hldgs. lOp 

Jan OaWrgyfl Groua , 

Mar. SepuAds. Bnt. Foods 5p 4 

Apr AuglAss Frjhenes 


(lb* 
262 H4.7 
477 0.12 
408 121 
228 11* 


Jan 

Apr. 

Apr. 

Aug. 

Mar. 

Feb. 

Oa 


Obt , 

Net (CTr 
1335! 32 
15.7S27 

3® 32 
F9H29 
73 3.9 


Ert!»E 
23)18.1 
18(28.4 

1*1 269 
2619 9 
25*13.1 


Jan Apr oa (Arana Grouo 5p .1 865 (92 

JulriBSN Fr 100 . £492 fej , 

On. Banks iSidneyC.1—. 508 123 2 
JolyiBaikerl DhwlOD-J 230 [16 I 
Apr .'Barr lA.G.i \ 573 '26Jl 


Aug.jBassrl! Fsodi, 
SepUBadeys IQp... 
ApnABeiam lOp- 


Apr. 

Jm 


♦156! 


'♦flenwnsCnsm 10p.[ 
Oa'BernloroiS.A W.i.J 
tofliu- Males 10p~J 

Jafy'Boairr 

February iBorownck 10 d J , 

- IfSraie Bros lOp J 211 )Lb ■ 

Dec May ^firowtnaie»lB i 33 C710| 

May Octlfadlury Schweppes. j 268 t3J I 
Jane JanJCan'sMHIing.— J 216«156| 
May No* (Chambers 6 Fargos _j 92 64 I 
February JfOmMre WtMdsSp J 263 


14.® 25 I 2.4)224 
♦FI 7.® 28 j 27' 23 5 
*055*4 36 UI24 4 
111 9 38 I 31)115 
L® 58 I 06)315 

11 ® 42 [ 2*! 123 

J 275 012 725 ♦ 3.7^ • 

J 103 >1231 23 2.31 29^20.7 

213i}l23 3l 1429221 27122.4 


112816 


90 (3'84 
375 S3 

32 U I -1 - 
♦Wjb.4 | 13.75)16 


May ' OaVMfonrs Dairies I 500 M 

Mar OaJ Do. "A" N-V ...] 293 M I 

July (fCranswrii Mill lOp J 128 t2232l 

— (Cullen's Hldgs 10p—J 130 J- I 

- lOalep* Foods 5p.._.J 165 L-6.H 

- iDamefs 1S.1 5o I 223 I- J 

Feb-s«pl (Dee C«np So 1 234 [26ll 

— Engl.iiidU.l5ti I 181 iTOJI 

Jan JktejfiPII.FyHes J U3 UblllnnTSJ 35 

173 1115 1 F22SJ 5 0 
323 i2tl! 110 16 


-(165 
4jOjl67 

38)20.0 
l.H - 
1.41205 
L2I - 
3.413)0 
4JI13.7 
1.9(25.0 

19 280 

80jZ3l 22(255 


10.75) 0* 
LT2)«4 
03111 
67! LB 
65)24 
1125)24 
13 6524 


80)22, 

* 9 * 

1721 1.1 1 
_) _ I 


JuMfisberfA )5p 1 

Oahitch LoveU 20p ..( 


Aug Fell iFrcJbaiie Foods 5p.J 165 


May NwiGeestSp 

Oa A<* IGlartGfcner 5o 

Feb. Nor global Gra.IOp , 

May OciJG»eggs20o 

Jan CkjlHarlewood LQb 

Apr Oci'HiAarus lOp 

Jan JuiylHilbdown Hldgs lOp.J 296 tel5l 

Rot MariHome Farm lOp — J 200 233 ( 

[■JHughW Food 5» — J 108 (- 

32.WI56 


g8.7» 2 S 9 

288 Ill.SI L3.2I 9 
322 *92 I 43(24 
91 143 I 1279 22 
420 16.4 j 5.7f 31 
271 MlS b «C2J ID 
429 U32l4nF48)33 


July 


roHutnet Sanhir 

May)ketai»l Froren 10d_, 
September l*lsraelfJack L»4p -| 

May NmLucobiWAR I 

M, Ja Sep Decihrall Inc. SLOO 

July Dec !Kw* Saw 10a 1 

Feb AugiLeet 1 John J) 10p_... 

Mar Jan.Low(Wnu20p 

November '♦Mb fash & Carry _ 

May NmlMjllltewS'BI 

Apr. NDT.'Meat Trade Sun. — J 
May NuJMorriv'nlW 1 10r_| 

Not 
Oa 
Aog. 

June 

tor 


210 >92 
28* <64 

285 1233 

... 78W15.6 

FebJNorthem Foods J 277 |121 

5Jl5 


MariNithofs fViimo' 

MarcHNatmans Graip lOo . 


370 


3® 34 
♦3^26 
R0 5 1 2B 


3.7.14.9 
611 ♦ 

191232 
2.0)23 1 
42)0941 
_< — 
28(56 
181312 
45*19.0 
19 9 

}.?L’?7I 

41I15J 

19(23.4 

Ll'276 

13(38.0 

1811B.7 

tF-° 


[64 I 


34*j28 7j 


33(31 141313 
3 75)3.1 141281 

05j 26 I 20IJ6 7 


Sent 

Jan. 

Jan 

Jaa 

Feb 

Feta 

May 

kw 

fen 


lIHunfcwbr'ii fogd 1 Sp..l 145M15b 
OolHunfifl f»Ti IQp— .1 lbhrril 15 

SetroPjrk Food lOp ) 

MariftPerkiasiJatai llratsJ 
JulyhtHM 


y 


I* Reg au Health 2p 

■M^RDwtniTeM.SOp. — — 

JiairiSanBtMryfJJ 1 581 

AugiSalwrsea(C)irriiuml.| 170 

AugK-Sims Catorng 50..-J 3UM|\5* 

OaiSquIrryl H'n l^jO. ] 140 128* 

♦Sutherland 1 ET.i._j 92 63 J 

5 m> 15 


320 0.4 a39.4*J 9 I 28i 9 
£37V135> Oil Bfll - I 3 ll — 
408 1115' 16.01 29 ( 2®232 
305*156i 30) • I 1 31 9 

622 127.41 113 5(27 1 3.016 3 
121 127 41 L3.55i2h( *®122 
144 lb.4 I hl.75) 43 I J 7)14.1 
15 3) 10 ( 35(38.7 
]®40 0®14B 
70(26 3.4(15.4 
2® * 3 51 b 

9® 9 42 9 

LLTj 9 16) 9 

hdJOBf 30 I 32)14.1 

14212.9) 2H218 
1.2) 1* ( 23)337 
1661) 2.5 | 261212 
028U1I 1 tf 3* 4 
136)22) 351152 
7® 30 j 171278 
3 hi 4 30(41 

4® * 1 L»( ♦ 


268 l2b.ll 
73 (?2 ( 
354 (16 ( 
40 I I 
532 (1151 
___ '16 I 
170 62i:‘ 


Jvhuaie & Lyle £1 


B55a 


— (Tavener RtiLSOp. — J IS flJ 

Mar. Sew.rieun 5o ] 584 [l 6 

May Not) D«9pc£>U 200207 J M66IJ6 4 

Apr. OaJUMgaie t 413m8.1T 

Jan JtdyiJnned Bncults 314 LL5 

- | Da Warrants (19891 . 179 — 

— ( Do *f»»a«y U99H.j its L. 

Aug. hdar Iwatson & Phikp 10a J 22S (261, 
May Sept Iwevjaen iKonl DFI5J £24 fell 
Noniaber KrihoH)5p_- — J 55 '33301 


43331 0.7 I 
123 ® 20 
10168 
7 Jj 36 I 
Q9%l - | 
1L9HT.7 

-1 - 1 

16® 15 1 
040 9**4 25 
♦0.75 13 I 


5®434 

J.7'166 

16) 98 
17(221 

n 5 - 

3®135 

4.11155 

dz 

421224 

17) 155 
1.9M9JI 


May 


May 

Apr. 


HOTELS AND 
CATERERS 

iMberdeen St> Hve 5p J 66 |27.4 
(FrientH Holefs lOp J 306 '115 
[rtorfunseis Rest lOp j 2b9 (6* 


Jan 

June 

July 

Jihr 

Ma, 

May 

May 

Jan 

Apt* 


May 


22t « 
1 . 2 ) • 

Nortarf DIMS Rev lOp j 269 (64 +1 5j ♦ 

CktJGrand Hdeirao50o_ I 547 1232 1 130 ZS 29 
Utiairnwy LentneSp j 60 |— ( aOO® • 
lloM Emenwise* 20P . 355 127.4 022i»*J 20 


Jul yfKewh Braokry Up J 400*(T32 

OniLadbroke lOp J 02 U.5 

Norton Part Hoieis— . .. 965 jb 4 
On'Ml Ouriolie lOo- . j 
Qn'Narfolk Capital So JW'tGJ 4 
NariPres Entertain 50p_ 218 274 

OciMweir. M«al 50 96 T74l 

JutyTOo. 7pcCv. PI £1 — [ 179'j[lb f 
SeiwPran Holefs lr 5o — 46 16.4 

e bavoy "A" lOp 531 F? 

nil (StakKlOp j 112’/(Z3. 


46) ♦ 
0^ « 
0® 9 
I 6)15.4 
02 ) « 

, 12)40.1 
gl.95ll2 4l 0 71155 
12.5- 1.9 1 4 0)18 5 
♦ 10® « j Ml * 
163H6 1*1211 

0 38)2.1 1 3*47 St 

T 25(35 1.4126.1 

1*| 2« I 2 JI2D6 
I 7%l 1 1 S3) - 
0*615*4 I h j 4 6)186 

jme Savoy "A-JOp j sai (27 4 4 .® 7 0 i.®ib.4 

Aor Sept (SukislOp 1 112l^Z32 11.4 3Q I 17IT4 7 

Apr. OaJTntsthpuve Forte — J 2591/92 I 60 1 8 I 32)20.9 


IHvMewdS 

Paid 


INDUSTRIALS (MisceL) 

(ridi 

C'yr'Gr’il PfE 


Stock 


'Last 
Prtee I «d I 


Mar. 

May 

Apr 

Od 

May 

Od 

May 


(AAF Imrv VjV 243 J- 

s/AAH — 392 CELT 


Hv 

Net 


25(4 7 

OetjAAH J 39Z 123.21 T7®25 

No»lAGAABK2S— J CIB'421.5 «01B*J « 
Oct'ALB Ruearah JQ0..J 209 J23 2 6 75)08 

AoriAIMlOp— I 226 '232 1 dS75' 18 

NotK-A5DCI ~J 

AprUtarmroH Bros. IQp ) 

(KtvAbbeyarsi Ido- — J 


270 [64 | 85)36 
143ij*23 2( 4.210.9 
160rti4 I haO 15) 46 


14(15 4 
2rtl49 
2*1 9 
4 46*1.4) 

35(220 
4 3)124 
4® 39.9 
01)23.1 


INDUSTRIALS— Continued 


INDUSTRIALS— Continued 


DMdeuds 

PaM 


May 

May 


DM nd 

Net Cry Gris PE 

UO ♦ ! 2 .* 

5<» ♦ 1 47 1 . 

NajAHuSiiW'VMviOp— 214 27 *; H2 58 3DJ l.T’JTg 

AhnUlfa-Laul AB’S'SkSO J U8'.J155| 35iB0 


Stock 

Aberfnie Hldgi. Bo -- 
ijflinpnwj Groat lth - 


Last 
Prtee id ■ 
57 . - . 
175 EUT) 


Ohrtdcndi 
PaM 
Not 
D ec. 

Jan. 

Dec 


Stock 


(Allied Plant Sp 

— Wunmc 

Nov May) Amort 

Jaa JutpAmber lnt. 10p... 
Ottober '♦Aw 8m.Sr«50sJ 
December iAmer Groap Free A.. 
Feb SepdAngtoNortK— — 

— H-AntlerSp 

Aug MariAoaMprr (AiP) ... J 

Jan JneiAmiwn lOp .! 

Jamary 'Armour Tnra lOn - 
May NmnAsMey mo. To. So. 


Mar. 

May 

Not 

Jar 

July 

Juy 

Dec 

Oa 

Not 

Apr. 

Jan 

Jan 

May 

Jan 

Jaly 


346 i93 
172 t7« 
-08405* 
185 iUB 

E34U.ote.12 
30 IU-1 
144 233 
215 032 
87 r?74 
63*/8 IT) 
108u'115i 
U (12831 
2 


, BpcCumCrRdPf ... . 

Nsv)Amoc Bm Parts J 594 E74 

itAssoc. Energy 5p . J 30 
Uj/AnVr & Madriey 20a . J 230 Tl-S 
JumnAura AB SVIT'j — j £27 W145 

DedAtn Europe 1 368 (1.6 

JjwJawb Rubber £1— — I 667)416 


| Assoc. Bt. Eng. 
SeodDo ' 


JnZ j 

S3 

MPfJ 


1585)35 
651 16 
10 ® * 

01115%) 46 I L7il?.7 
♦0.4) - j 18| - 


L3.8 32 
fa® 33 
rl 1' 4 Z 
|}4'6J 
05i 1.4 


2.9) 15J 
3.9110.1 

1.7) 14.i 
0.9)245 


8% — I C6J — 

6j0 42 ! L«24J 

J - » * 


4i ' 

_ i 
5® 3® 1 
015%) 9 1 15)1* J 
L7 6i 21 j 2®198 
165) 45 ! 1J)17.< 


3® 155 


J 217 


32! 


25(30! 16JZ32 


90( 9 I 
22(38 


2® 17 6 
3JK1 


May^SA Grasp-., 

Bnsa«s«a s; 

Hpt'8TR J 328 6.4 8^ 2® 

BTR Nyiei A5050— 4 300 127.4! «175d 30 

tlrtlWnuia.— _l 56B jib 

, 1 57 ^8* 

Ndr.lBairaw Hepbura | 88 29 9 


Ma Jd Se Del Barter Trav USSL . J El*,; Hi 3 


Km 
Mov 

Jan 

Feb. 

Oct 

Feb 

April 

July 

Dec Jme 
Jaa 
Apr 
Mar 
April 
Jofy 
Mar 
May 
Jan. 


Fe M, Au Nr iBorg-W. 0SS2S0 


MayiBamf; IChariet) lOp.. J 53d 05.5 

May)B*atwChrt J 346 0-3) 

rtBeaietca5o J 157 teL' 

MapBearerlCH.) 1(h)-. ( 261 >4 

AugiBeediam i 556dl56 

JineiBenfn lOp , 58 >115 

oetSSSiopZZZl 177 5a j 

'Bestwood Sp IJ 135 (Us 

JjnteiUyiJiSOp 252 S6 

'*&km>8B , %ealOp< 138 0.4 

iBilfam U.J lOp .1 168 fed 

p — J 255 Wll 

7* IS* 


1481' 28 
* - 
♦P3JL5 
044d — 

Ll Jf “ 

8® L4 
uS® 25 


72 71 — 
32' • 
3.4117. 
0®13 

3*1 U6 
— 1*26 
5. 1)113.61 
L9l - 
3.4f - 
3.4)29 

4.4:12. 


M.ryfLaidU 

Mar Lawler.. _ , , 

Aug. L<9> Groap 2o — -- j J70 0.6 j 
juneL-lle*alI 10B-... — ■; 279 [Z7.4 . 

▼Limoges Porcelain.. 9W I I 

iHodgeCare — j Z90 07.4 
OcJdo 7*rpc C#Pf WObJ 205 04 
iLdMfon Fisoce & Ins J _7S 
April)London Into! IQp 

Dec.'Lon.SNihn. 6rp. — 

NOriLOn 8 Bonar 50p 1 

DetlMV Hldgs 10» J 

SepfMacarllty 20p 

ManMKiariane Gp. J US (6.4 

0,4 IMadeHar 1 P 6 W) £0p.[ 136»rXb 

IfMagoacardlnc ..j 50 (_— 

Oa MayiMagnalia Grow).—- 

Oa AprLl-Mjinmet Hk^s lOp. 

April (Man. SmpCajrtl .- 

April iMarlmg IdcL lOp j 196 012 

Dec jnne'Ukrsftaii IT > Lorle,.* 159 127.4 
January 'iMartlu IR) wmeJOp \ 232 [1011 
J j2ne i*Matbesons7V , » — | O.^l'apOb' 

— r&Maiipnnl lp .__J 27 — 

_ l*Mari»ni Grom 5pJ 1« *- 

— frtt4K» Research J 100 <- 

JunriMelal Box J 

JwUeal CtosBrts ) 139 04 

NnK-Metsec lOp j 109 (27.4 


Dm . . Yld 
Ntl Cur Sr t ptE 
4^25- 3.7 14B 
2Jt 27 •. 3j;-129l 
3 25! 9 26! 9 
225.05 151 - 


April 

May 

On 

Jul. 

May 

June 

June 

Oa 

May 


Oa'Bladi Arrow 50a — 
Oa'Biack iPJ Hktgs.. 
AugiBhie Arrow. 


14 671 36' 2jli5 
13®qL8l 32205 
1 151 - Z 7t - 
bdQ5! 32 1 131325 
425(18 1 3 3W8l 
2® * 1 2® 9 
825(25 ' 451124 
L3.7I 2.0 1 3.7)189 
39bl 3J I 32127 
15® 34 I 27)14.9 
rtl 47) 6* 1 1.DOT2 


Jaa. 
Nor. 
May 
Jan 
Feb 
! Jaa 
Jofy ’ 

Jan 

Nm 

Mar. 

Jan 

Apr 

Athil 

Oa 

Jan 

Oa 

May 

Dec 

Dec 



MarlMncheii Cous \ JJfJlOJ 

AuWMonks & Crane lOp-j 170ojl5* 

JnlyiMdrqan Cniable J 372 G7.4 

l*Mamt !W> FA ZDp.. 

OaJMvsoaGrplDP 

June*NMC Imrs 12i.ro 

jHietaMwCaimuters J 

Sept (Nash Inch 

(Neal & Spencer 10 b - 
JufyiNewman Imb 10a— 
loble& Lend lOp «. 

loho Group IQp 

^Notion ( — - , 

JineriJI or jnk Systems 5p j 326 )27.4 l — . 

Au^Screros J 395 2212 ul4.tf,1.9 

AprihNa-Swtft 5p J 350 11.6 I 713 3.0 I 

NartlCE 9pe Car 1987-92. J C57l*74| 

AugAlakwood Grp 160 %.l ' 

JrirWliceA Elea J 228 1* 


(♦Bluebird Toys lOpJ 401 123 J 

Ja^Sodycau Intnt. _J 652 127 4 

I PH.'A 1 10a 
Nori&oai (Henry) SOp 




2® 108| 
452) 38 
8® 3.4 
W 62 4.4 
10.3 28 
8®qT 3 


JkiwBawater imtsEl., 
Ocl'BrammerTOp. 


3 


4^122 

38J14 7 
«L 2 I — 


JaHBrtogrm Grasp IQp J 

Maytoidon. ..Z _ . 

May Jan (Bridpart-G 2Da J 285 «4 

Ifirreriey Inas NZSD5J 145 U 
Nor June 18nt. Aerospace 50p..i 533 04 

Airways 1 

Feb 


(British 

SeptnfBnL StoodJiodi I 173 


Dec 

May 

Nov. 

Apr 

Sent 

Sepi 

Aug 

Not 

Feb 

Jriy 


Bnt 1st. A'wyslOp 
MayiBnL Syulion 20p _l _ . 

Ihn JBrrusD Vita _J #91 >23 J 

MayB. H. Prop. SAL - 

'Brooks Semce .......... 

AiqlBrown&Taiise 

Mari Bailers. , 

FetaiBiradeneSp 1 

FcMBurm Antfn lOp 


45 <26.21 
344 1115' 

286 U6 ----- 

£27VZ0.1'OS11W — — 

531 i27.4 j 10® 23) 26)23 5 
315H15 ITS 151 5417 J 
57 64 Vi 1035135 Q®356 
214ij64 5 JM 6 35)213 

I ib2S:.9l 3®158 
1 DOB.® 6.4) LI 1 8.1 
17.41 26 ) 

6371 36 

441 
163 

180 (12.1 

191 1238 1 4.75(241 351106 
221 feUl 43.03)181 L 9)408 


0AI33.3 M*» 

LtJ232 J«- 

1.7)21.1 (je JuneitPCT GralOp. 


(Mltmuiedi I 

HHSptosnetnCS S081 J 

NoriOnflaitw If 

junelOvfnsnne 12'jc 1 



Jane 

June 


!PLM 'B' Sk 25 

spacer System SO 01 . ... ... 

IPacifK Dunlop 505-1 21Bto213 "Q10. 


146'ad* 


67 .10 1 403129 23 
L I 13822 


Decri-PaoficSales 10p—| 315 C33j 


Ft 




Iz3j{ 7^18) 27j2U 
(U5lg0323d 1.9(143(3 7 

'1.6 I 361181 27)043 
1*585' 024%) 05 3®b62 
.4 I 05d 4.9 I U)146 
24 I 2-1)23-2 


MateCCA Galleries lOp.. 107 0.4 
SepflCH Indostls lOp — Z1 214 (2212 

DenVCSRASl — J 179 fell' 

(♦Canotedi lOp Il31d (27.4 

kiCtoilfiArmstragSp. 186 te.12 
K-CwnonStlnrsTOpI 353 07.41 

JmriCapara Irab 1 63*Al.5( 

e I Do.8Upc Crat Pf — I 167 0J2 
July) Do.BpcCtPIU — 1 175 0J2 

Feb<Caoe Industries I 140 «MT 

Apr.iDo 84pcCmC*PI.J 283 (93 

fcathjy Pacific 1, 

iCelesiian 20p I .. 

(Cem. Sheerwood lp -) 17ij 
‘ entreway Ind IQp — 


NoriCrntm 

kuqJauunO’l 


Aug. 


Iw Ph. lOp-J 158 


AiqJ&jner Can 2p j 448 


August 


May 
Jan. 

Feb 

June (fChermcai Methods.., _ 

Ja Ap Ju HoivCMtoLighiHKS5— 1 181 

Mayterttles fm. lOp 1 

IC4y& forergs ItldM— 
(Coated Electrodes So 
(♦Coloroen Inc 5001. 
Jauoary (Coioroir lOn — „ 

May Sept ^ConaUarts 5o - 

Aug Fet»Co"t Sunoo'y IDp 1 

Nm MayjCookion SOp 


Sept 


Mar. 

Jmy 


Apt. 


Apr 

Feb 

Jan. 

Jaa. 


Part lOo i 135 (121 

— __ — HWW.10M Jl 136 (23 1 

FriAtammon InL 20p_..J 103 Hi l 

MaJuSeDe lOoter Cpto. USS1...J £401il2b5i 

Oa AarjOwek Graap lOp.—. 

Apr. OctjDysanU&J.I J 




Jan. 


JalyjElS . 


328 (NJll 

3™^) 
46 (166 1 

46 


teaghjTiu«2ix» 

Juty DecjEaneniPTod.50p 

Jane k-Ecobnc Hldgs. 5p... 

»Oo Dm5p.._ 

Apr. OcUEbiel LQp I 

May-71 ov [Elders IXL JAI J 199 6.4 l«U.75<f 18 

Jan JaMEIecolOp 1 lBSc-123 3> 455120 

June lE>ectraluiBKi25 — I £28^23.5 ' «Q35 r ‘ 

(Elheifi AS N\S(L | E8W23.4 ’ 

[EismckSp —1 30 jb'B3 

Mr Jn Se DriCmhst Coro Si I 07,^14* 

Sept MarjErg. China Clays J 468 '232 

- Norttprcure Hldgi. 5p—l SO H1.5I N0.75) 4 

FetfErskme Home J 285 L9.12! 4® 9 I l.® 

Jane 'EJSriltABSKrl2U J £14ia)2b5' tDT’ul 6 2.71 

June (Eure. Ferries 5pc Rd J 113 lit I 5%) — 


Nw JolyiEreitd.. 


Nor 

Jan. 


[Eacahbur Jewellery-| - . 

« I Z34 04 


MaVEiMmet tar 
JuiJEatel 


^aVcoolnds... J 

Jan. JaMFeeder Agric. lOo J 

Sept MjrifemeTij.H.i I 

Jane. DecJvFer gatn wk 20a I 

— NfFerijI-A-ClJron . . J 


Aug 

NM 

to, 

October 

May 


Aug 


Jrfy'TrvHn. . 

MarlFit7Wilton 

Ma^Fmaer Cfdnge W305-J 

FetdfIeselloC.& W 

WlogasIRfOlO 

NanjFobel Inti lOp 

kflrt 8 Weston 5p J 


FrtjFrihMilTItosl IDp . 


490 

250 


: Floor £ Fwmsh IJ 

July JanJGR iHUgsi. | 

Apr. SeptiGesieiiKT I 

Jure 


SeptlGesiewr. 

DcdGieves Grp 20o j 171 H* I 

June JarJGLixo 50p . I £U.*,Hljj 

— iGordon Rusted 5p-J 345 U 

Mar. No* Grpnoun Hrtgs J 262 0.4 I 

Apr. CtaJGranada J 346 52 I 

kGl Southern 10a — I 295 te7*l 

0n*nttl4Pan5oJ 225 t3JI 

is 127 4! 

■bUMiivna 'jffloHLJ 230 


Jaly 


Mar 

January 

May 

OcttOer 


Ocrtdwr krtgh-RMw Sen, lOpJ 411 (93 I L75 33 

— W update & Jab 50 bJ 292 0'7fll 6-1 — 

— [JHIlip Enonoai IQpJ 6lm)156' L2® 9 


Aagust 


Noe 

May 


April 

May 

OcL 

Feb 

Jan. 


JuhtMnlraRedAvsocSOJO, _ ... 
Oci'totereuraoe Tech 20a . 358 6j 
ErymtH 5u I glD bl 3 
MarilBKB Hldgs lOp ....J 101 0« , 
Deolsotran J igy [233] 

Jnly j*J.S. Panmagy lOp ( 628 lib 
(Jackson Baime — J gys fei; 
IfJjithne Hdq HKS2 J 147 I — I 
OctroJahnsmS Jrrgmen.j 338 04 I 
Aif JJ atman Cleanerv. _ . 1 452 0.4 
AudJolfTvui MAttfiFi Cl J 3HJ 0J2| 
JulyJohnsMii Gru IOp....l 525 lUil 

JnnriJderdanlT 1 lOp | jgj j 

JaneK-Jnu Rabbrr 337 !i b | 


DeeJKaUauroolOp 1 44tJ?710l 

htalonGrodpl5s....J SMI5 6) 

peu Trust 364 0,g | 

JuMteiseylnds 1 470 H6 ' 

pSetnrdy Smale ....J 265 01 2 
Ji'iCerrypu Securities _ J 435 (26.1 1 

ApnFRerohaw(A15o..— J 319 ejs! 
AjhiKtaen E-Ze Hkfcr- -j 529 (2fi 7[ 


May 
May 
Ujv 
F eb. 

April 
Not. 

Oct .... . 

Nutemtxfr ILOH Group 15p. 



5 ® <t> 
089 - 

, _ . - , 675(20 
- J 539 felll 4L35) 9 


134e)9 , 8Sl 
43 '1151 
190 0i2) 
29*Jl6.9l 
23 l— I 
381 te74l 


B— 1 — 1 — I ♦ 
LSI 20 I 48(146 
15.® 15 • 27121* 
$ — 


, , , L2I28.4 

70 '1 6 g0123% - I 4.01 - 
ZOthafe lol bQlB.4d L8 I 33)lb5 
126nf212( T4.D2.4l 4 51 12 7 
290 *42 jlQ57J“J 4.4 I 1.7)13.7 
U3*jteL5 IB 61 ] L2J14J 
80e I — ♦R383 26 52(103 
100 Qbll 2881101 4®354 
U.99 28 I 32)15.4 



h3® 27 I L6264 
85?25j 3 4.16.2 
L52. 9 24' 9 

13.4130 1 2J'21.7 
153(261 3.112.9 
R2771 24 I L538.0 


^?J" jtaal 9F J 326 teL’l 11 7) 5.7 j 0 7*32.9 

Trm *i J 15 6 1 1h3 19) 34 27|U28J 

March Sept (Do tbcLn 2G04JJ9 .1 £213 1232' 08%'44 4l f3» _ 
Septt*Kf [De KtacLn 2007-U £137 I23JI QIO*^ 7.9 ) f7S _ 
April Ocll Da 575pc£iO>fHFI _ J 123i,'23Ji 67^09 7* 64) - 
Mar Sepihfarns f Pit 1 20o — J 330 'HUD 925128) 3® 126 

OctlHartons 5p .1 75 !U5l 1*1 1.9 ( 2*251 

July) Do. 7pcPI £l .1 155 l_ I 7*5 

October (MaMlDct Enroca lOp i 294 lW I J I K® JJ 

J (Hawley Group SO.OI J 144 1— 1 QuAI 3.4 

Oo Cue Red Prf. — I 430 te7.4l Q36® — 

iHawtai WMng 5p „1 535 1125 1 RfildH 

90wlu> Sp I 25 )12 1 1 

JulpHa, (Nomunl 10 d — ) 309 S7.4I 

F*6(->HearthCareSenrs J 97 U4 7i 

Hetmurth Ceramc —J 255 111 Ji 

IHesUir 1 282 |n Jl 

KavlHFw.li [J 1 . J 212 


88148 
03® 03 
4.13 26 


631 - 
1.9*272 
2.7U1J 
8.41 - 
22(138 
21! - 
19-282 


0.91 9 \ 131 9 
828 2.0) *4(152 
45(38 1 22-20 6 


5®' 4 6 


32 83 
061 55J 
—[79.4 


— [♦Ha*rauiHWgs5o..i 260 r^jl L2LS 2.9 I £31*1.4 
9 j-rHcMrr KyeTranaD t£b_i 215 0321 3JI A I 2S 9 

j-mglS&scd ar» -«!•!«!• 


112 (24 111 063*J - 1 15® _ I - 


~ W°m6,Grou D 5o_J m f~ I 132} * | 3.4) <6 Fe 

Jofy [Hunter lOu 920 lu 5 125 7.3 n ala? a An 

Dec WlbMiflBAw. -ZJ 549 '16 | 9® *8 a5ui - 

- [HanungPOn Ian 5 pZ( M50 I- I _Z| No 

5® rtl .. (jHwiielgh Tech. So I 130 129.9) Ltf 15 I lliSS 

Dee MayrtNutdi WnmpHhSi 4 109-dLLS! hand * f i*l p 

iMnnanSB J 92^11*1 15)281 3S1J, 


NorJWilkei u.l ~ 

HW.Bwe SrstenTzp—J 
MarWiiiiams Hktov H 

°«g;Stot CumSflSpp 

.. - „ ]wilhamsUJ_. ~1 
f)*r Nor Wills Group- 

July J»JWoheley-.Z 

May Wood 1 Arthur) 5pZJ 

Mayk-Worceiier lOp- J 

— (WortikagiaaU J| Uk, J 

^Wteuw6d»Ctrt50B-J 
W/fco GrMll : I 

JondVoung 


3.9)146 

:27.410215c! t ! 23J 9 
158(401 2JI1S6 
R3 5) 32 ) 12| _ 


IB5> 25 
115)53 


1®230 


155 '29.91 


■*■5) 35 I 10(40.1 

•JU 

Mlfeori 9 I 15I 9 
4 93“ 2.4 ! 2® 288 
hl6.ll 2.1 I 4.91135 
55; 1 I 26 • 
48; 4.7 I 23(12.4 
4J* 2.3 33)17.7 
1.921 28 I 221 208 

L® — I 33) — 

H21S! 3*2.9 

6.7fl4B' 251124 
IB7S37I 0.9U4.7 
45 18] 2JI3C.9 

iJ'Zi 2 
'Wtt 0.71 6413991 
**■<* ^ I £368 
0 55 7*1 a Sxa 


INSURANCES 

Hfldpads I 

Paid I stock 
“***,* 'Hj^LHeSo 

Mj Am MolAlfoBferA Upa^r 

•3 ^.iikiSsSp. 

... , „ “awtoura ac DMSa 

Ma Ju Sc O^lAmencau ten Coro 

Fe Ma Au NalAwCorp 51. 

~ -^SS^.Bnch'iOp — 

* £gssfiri 

"iriTOBryam (Oerek) IDp. 

“ayjCantm. Unun ZZ. 

r2J0 f *4y Warren lOp [ 

& Law in I 
OrdFAl Iniuraotes SA0.18 

sS&r- — 

JsWHeattlC.2l20p. 

J®iwl2ICpBlN2DSi7Zi 75 


* 












































































































































































Financial Times Monday June 22 1987 


TOBflWWOTJWCaaMg^lSlMPORmffairoREQUn ^ TOTOXMMEPiaTE AITlSN T lO lt. 


Tender Offer 

by 

ROBERT FLEMING & CO. LIMITED 

and 

THE FIRST BOSTON CORPORATION 

onbehalfof 


Dairy Farm International Holdings Limited 

to purchase ordinary shares of lOp each in 

Kwik Save Group EL.C. 

at 450p per ordinaiy share. 

This Tender Offer closes at 3.00p.m. on 30th June, 1987. 


Robert Fleming & Co. Limited The First Boston Corporation 

25 CopthaH Avenue, London EC2 22 Bishqpsgate, London EC2 

(Registered in Enghmd, No. 262511) (Incorporated with limited li ability in 

the Commonwealth of Massachusetts. USA) 

22nd fane, 1987 

Tb fee holderactf ordinary shares of lOp each in Kwik Save Group BL.C.f Kwik Save^*). 
Dear Sir or Madam, 

TENDER OFFER ON BEHALF OF DAIRY fBIOlIINXERlCSnDNBL HOLDINGS 
LIMITED CTOUKrfBHM”) 

On behalf of Dairy Fhnn, we hereby offer to acquire by tender ('‘the tender 
offer"), an fee terms and subject to fee conditions set out below; up to 32,580,785 
ordinary shares of lOp each in Kwik Save C*Kwik Save ordinary shares") representing 
appr o xi mately 2L53 per cent of fee issued ordinary share capital of Kwik Save. 
Dairy Fhnn already holds 5,250,000 Kwik Save ordinary shares (representing 
appr o xim ately 3.47 per cent of fee issued ordinary share capital) and its holding 
in Kwik Save would therefore increase, following success fu l completion of fee 
tender offer to 37,830,785 Kwik Save ordinary shares, representing 25 per cent of 
fee issued ordinary share capital of Kwik Save. 

Harms and Conditions of fee Tender Offer 

(1) The consideration under fee tender offer shall be aimed price of 480pm 
respect of each Kwik Save ordinaiy share tendered and accepted. 

(2) Unless tenders in respect of more than an aggregate of 17,448,471 Kwik Save 
ordinary shares (representing approximately 11.53 per cent of the issued ordinary 
share capital of Kwik Save) are received, fee tender offer shall be void. 

(3) Subject to fee provisions of p a ragraph 2 above, all tenders shall be 
irrevocable. 

(4) The tender offer will close at 3.00pm. on 30th June, 1987 and no tenders 
received after that time will be accepted. 

(5) Kwik Save ordinaiy shares shall be acquired by Dairy Fhnn free from all 
hens, charges and ei m u mb ra n oes, and wife all rights now or hereafter attac h ing 
thereto including the right to receive all dividends and other distributions declared, 
made or paid after the date hereof save for fee interim dividend of 2Llp (net) per 
Kwik Save ordinary share announced on 14th May 1987 andpayable on 1st July 1987 
to shareholders ou the register an 22nd May 1981 

(6) Shareholders may tender all or airy part rffl^ir holdings, ff fee aggregate 
number of Kwik Save ordinary shares tendered amounts to mare than 32,580,785 
Kvrik Save ordinary shares, tenders wQl be scaled down pro rata. 


(7) All tenders must be made on fee farm of tender which forms part of this 
docmnent (‘*the form of tender* *), duly completed in accordance wife the instructions 
therein, which constit u tes part of the terms of fee tender offer 

(8) Notwithstanding that no certificate^) is/ are delivered in respect of it, 
a duly completed farm of tender (Q executed under seal of Sepon Limited and 
endorsed an behalf of The Stock Exchange to fee effect feat fee Kwik Save ordinary 
shares to which it raters are the whole or part of a holding registered in the name 
of Sepon Limited and/or are Kwik Save ordinary shares to which Sepon Limited is 
urKxrafficmallyentifled immediately to become fee registered hdda;OT GO executed 
by any other persanfr) and endorsed an behalf of The Stock Exchange to fee effect 
feat such pexson(s) is /are unconditionally entitled immediately to became fee 
registered holders) of the Kwik Save ordinary shares and feat one or more Thlisman 
transfers) in favour of such person(s) in respect thereof is/are in fee course of 
registration, shall be treated as vaEd in all respects on fee date of its actual receipt, 
provided feat, an presentation to Kwik Save for registration, fee instrument of transfer 
e x ec ut ed pursuant thereto is unconditionally accepted far registration. Any duly 
campletedfonn offender bearing fee stamp pfamemberonhefeock Exchange may 
at the discretion of Daily farm be treated as valid not wiflmtau d ing feat no certificate ^ ) 
or other documents) of title is/are delivered in respect of it 

(9) The tender offer shall be governed by and construed in accordance wife 
English law 


Procedure for Tendering 

Fbrms offender duly completed should be returned together wife certificate^) 
in thename(s) of the persons) executing foe relevant form and/or other documents) 
of title far at least the number of Kwik Save ordinaiy shares being tendered to National 
^Westminster Bank ELC, New Issues Department at fee address set out in fee farm 
of tender as soon as possible but in any event so as to arrive not later than 3. OOp-m. on 
30th June, 1987. If some bntnc* all off the shares represented by a certificate delivered 
wife a form of tender are add pursuant to the tender offer the relevant shareh o lders 
will be entitled to recdve from Kwik Save a certificate for fee unsold shares. 


t* ^ . ■ .. | 

I 

(1) The result of the tender offer and (if applicable) th e b asi s of scaling down 
tenders wfll be announced by9.00ajn. on 1st July 198Z fee business day next fallowing 
fee dosing date. 

(2) Cheques win be despatched not later than 10 business days following the 
dosing date or; if latet the date of receipt of the relevant certificate^) and/or other 
doc u ments) of title to hdders cf Kwik Save ordinary shares whose tenders, valid and 
complete in all respects, are received before fee tender offer doses in respect of 
foe number of Kwik Save ordinary shares successfully tendered and, if applicable, 
after taking account of any scaling down. 


(3) A 11 Hr^rnYwritT. CT^fn hn l dm^ frf Kwik Save tadmarv shares 

will be sent at their own risk and no acknowledgement of receipt of documents win 
htnM.it TF on IriwTffiriwTTfTnimh prrrflfwncSaveottimaryshares is tendered, as set out 


within 10 business days following the closing date. 

Dairy Ebim’a Intentions 

Dairy Fton is interested in acquiring a substantial long term strategic share 
holding in Kwik Sara, a business which hie marry of fee same characteristics as its 
own. It is not Dairy Arm's intention to make any general offer to acquire an fee 
issued share capital of Kwik Save for at least twelve months. However; Dairy Farm 
reserves the right to reconsider its position in the event of any material change of 
tircimtsla nces, inclndingfor example if the Board of Kwik Save were to recommend 
such an ofiar or propose a material corporate tra n sa c tion or if a ftdrd party armocnces 
its intention to mafep any fwnrifir or general nffer for ordinaiy shares of Kwik Save. 

Taxation 

The disposal of Kwik Save ordinary shares pursuant to fee tender offer wi& 
constitute a disposal or part disposal for the purposes of United Kingdom taxation 
on eaptfai gains and may give rise to a liability to taxation. Any sha rehold er who 
is in ary doubt as to his tan position should consult his professional advises 


Tours faithfully 


for and an behalf of 
Robert Fleming & Co. Limited 
J.D.CROSLAND 
Director: 


for and an behalf of 
The first Boston Corporation 
RICHARDS. KELLY 
Vice President 


APPENDIX 


baaed an^TtesLidc Exc h a n ge Dally Official List, at the dos e of busmesf^o^the first 
dealing date cf each xnonfli from January 1987 and on 17th June, 1987 (the last dealing d^a 
prinrtn flu* jmn ffl i n rei T ifw rt of tenflw o ffer). 

Dates 1987 Price p Dates 1987 Price p 

2nd January 243 

SndJhhnuny 260 1st May 293 

2nd March 281 1st June 314 

1st April 284 17th June 382 


(2) Robert Fterai 
resources are a 
fee tends offer 


to Dairy Farm to satisfy 


tarn Corp oration are satisfied that sufficient 
file i mmed i ate cash consklaration under 


SB 



documestfs) of tfee far at least the total number of lOp 






















mm 



















37 


Financial Times Monday June 22 1987 

WORLD STOCK MARKETS 


AUSTRIA 

MB 'I . .tom- u ' fHn 
Wgt r U» I sbh% 

fllO I MW iCmfcUmtalt < 191000 

^10 2460 <6oesser 1 26SSOO 

■uJzTO 1 10800 'Intmmfall 1 HBGaoa 

14,000 j 7050 Onngbunzlauer 7050 

2125 11740 iLaendcrfaat ih .— 177000 

2f S 

1113 1 tftO iVeiticlier Mag„ 700.00 


BELGIUWUIXEMBOURG 

wj*1 tan , 2am n 

3300 '2W0 JB.B.L 

16000 ! U300 8Mqw 6o>. Du. C. 

14300 iBarrii lm_ A 

WOO Bofcacrt B 

3000 IChnent CBR 

131. ‘•oefccrlll 

2700 Oethatee 

4685 IEBES 

1625 JFabrkpae Nat 

026 ICBImwBM 

3430 iGBL (Brin) L 

6080 i Generate Bank 

6000 [Gevaert 

6680 [Hoboken _ 

3765 Inter cam 

4040 I Kretfletbank. ........ 

106S0 Pan Ho minus. 

9210 Ipmroftaa 


13200 

12500 

5520 

182 

3465 

5500 

2700 

1250 

45Z5 

6850 

6890 

8020 

4510 

4710 

12500 

11650 

8000 

3625 

24950 

12575 

450 

7360 

10,300 

5940 


5000 

3115 

10375 

8270 

185 


Royale Beige .... 

Soc Gen Beige 

Soflna 

Solway 

Stan wick Inti. 


6280 (Tractebel ZI 

8900 

5160 


UCB. 


Iwagons Ufa ! 5400 


i Price 
Fn. 
•>3250 
..1 15X10 
14300 
■ 10350 
5370 
.1 170 
■I 3255 

• 5000 
-1 1625 

1160 

• I 3790 
.1 6280 
.16740 

7350 
■13960 
■14640 
■112500 
..J 11150 
.( 6050 
.! 3440.00 
■1 13925 
- 12150 
.450 
.7250 
9450 


DENMARK 


1987 


I Low t 


■19 


970 

299 

410 

375 

228 

980 

357 

845 

575 

294 

295 
954 
242 


720 

251 

323 

309 

160 

825 

260 

695 

455 

238 

243 

67S 

149 


Ballica Sfcand 

Cop Handetebanfc ... 
D. Sukkertab. —..... 
Dm Danske Bank .. 

East Asiatic 

Forenede Brygg 

GNT Holding 

1 .5.5.8. Systems — 

' I Bank 

Norolnds.* . 

Prtaatbanken ..... 
Sophus Berendseo 


Price 

Kr% 

970.00 

292.00 
33000 
368 
208 J00 

.1840 
. 262.00 

780.00 
550 
2b8.00 

1282.00 
I 935.00 
1237.00 


NORWAY 

1987 ' 

High J. Low 

76 i 57 


191 
397 3 
211 
208 
109 
161 
212 5 
258 
209.5 
424 
368 


169 
260 
179.5 
148 
863 
133 

170 
204 
232 
370 
290 


{ JkM 39 

I AVer-Norcetn 

Bergen bank.—... 

Bergesen B 

C burst ian la Bk ... 
Den Norsk Credit 
Elkeni ............... 

IKosdkk— . 

iKraemrr ., 


iNvtk Data 

i Norsk Njdra. 

[OrktaBorregaar. 
(Storebrand ...... 


Price 
I Kroner 
~i 71.50 
..1 173.70 
..i 383.00 
.J 179.50 
153.50 
J 204.00 
J 14050 
J 206.00 
J 219.00 
J 20030 
..I 395.00 
J 348.00 


SWEDEN 


1987 

AJ-.U* 

209 ) 142 

261 
286 
200 
140 
136 
143 
235 
274 
189 
124 
210 
187 
600 
135 
110 
104 
310 
269 
380 
83 


343 

350 

300 

184 

240 

240 

380 

331 

298 

173 

395 

240 

770 

190 

170* 

133 

397 

401 

465 

105.6 


347 1261 


JHmIB 

AGAff«>“." 

lAMa-Laral 

ASEA (Free)- 

I Astra (Free) 

{Alias Copco 

Belter A Fn» 

iCardo (Free) 

Cellulosa ....... 

Electrolux B 

Ericsson 

Esette 

iMoOcft Domsjo 

Pharmacia — 

Saab- Scania (free) . 

Sands Be 

JSkMNA 

{skanEnskilda ....... 

SKF 

SL Koppartrergs ... 

Svka Handefsbn 

Swedish Match..-.. 
IVoivo 8 (Free) — 


| Price 
I Kronor 

A 198.00 
J 33 7.00 
.1 344.00 
.1 285.00 
J 176.00 
.1 230.00 
J 235.00 
1351.00 
29100 

259.00 
14800 

395.00 

209.00 

620.00 

175.00 
15800 
12900 

347.00 

394.00 

455.00 

104.00 
32000 


NETHERLANDS 


1987 

i 

65-5 1 550 
94.6 1 78 
1070 I 91-2 
159.7 1270 
530 1444 

75.4 5 BO 

900 70 

91 ! 40 

57 .'480 

244 1950 

530 |46 

58.5 


i „ J 

iCFNokUog J 61J0 

.EGON -u— .J 93.00 



48 

179.7 
430 
62-1 
24 

70.7 
52.5 
1620 
81-2 
197 


39 

145 

29.7 

48.4 

16-6 

59 

35.1 

1330 

66 

153 


1800 11280 
476 1380 


410 
782 
53 J. 
1102 
-1460 
100.4 
52.6 
2651 
6920 
28 


34 

60 

43 

94 

137.6 
820 

49.6 
2070 

.4930 

(220 


AMRO —-.17430 

Bredero Cert..—... 38.00 

iBuehraann-Tet 1 51-80 

iDordtche Pnrofeun -. 24130 

[Elsevier Ndu 1 5100 

iFokker 1 55.40 

iGIst Brocades..— j 44.50 

iHelneken — 1 176.00 

HoogovetK ....— ...1 4200 
Hunter Douglas — f 5000 

IHC Cal land 21.50 

Int Mueller I 6230 

|KLM I 52.50 

IKNP— i 144.50 

[Nat Ned Cert — ! 71.80 

iNedMid Bank- 1 15700 

iNad Lloyd 1142.00 

fOce Grinten ‘420 

Ommeren(Van) ....i 34.70 

Palclwed 76.20 

Phillips. — 50.70 

IRobecn J 105.90 


IRodamco , 


-..I 146.40 


882 68 
87 Jl 73 
140 11060 


IRolinco I 99.80 

I Rare mo — j 5200 

I Royal Dutch 1 26300 

(Unilever ...J 67800 

[VMF Stork — (24.90 

Iwessanen .. — I 83.50 

IWnHw+Sairaom -.1 132.00 


ITALY 


Jum 19 


Price 

Lire 


1987 

High > Law f 

27000 ■ 23535 EUmca ConTle 1 23685 

715 ' 650 .Bastogi*IRB5- ;672 

7155 i 5765 XIR | 6075 

3650 . 2030 'Credilo Italian >2080 

17850 12110 'Flat 113170 


ITALY Continued 


1987 

High i Law 
14LT00 i 129000 
10)000 - 72000 
1340 960 

2968 ’2501 
14700 11900 
7840 6420 

5750 : 4990 
4360 : 3680 
4895 3699 

35500 - 27720 


line 19 


Generali Atsicw 

-Italcement 

'La Rinascenti — 

'Montedison , 

Olivetti ..... 

'Pirelli Co.—. 
i Pirelli Spa ....— 

Saiprm_ 

Snia BPD_ 

' Toro Assic 


| Price 
! Lira 
... 134 BOO 
... 98500 
1275 
-.2555 
-13780 
—■ 6550 
...i 5110 
...| 3680 
...: 3750 
...132990 


June 19 


SWITZERLAND 

1987 ; 

.High , i Law t 

13050 1 8.725 (Adla 1ml. 

663 I 430 lAlusuitse 

4100 2925 IBank Leu ...... 

2380 1,570 I Brown Bovcrl 

3575 2 .920 ICiba Geigy 

2.575 2,000 1 00. tPiCts) 

3.840 I 2900 'Cred.t Suisse 

3,810 3400 lElet trowatt 

1990 <1370 'Fischer (Geo.) 

142.750; UUiOO * Hofi - Roche (Pt Cts) 
14,250 ■ 11.950 1 Hal I -Roche 1/10... 

4.125 • 7.900 (Jacobs Suchard 

4.130 I 3275 Ueimoii 

1.880 11500 'Landh&Gyr 

9.950 1 8.625 JNesiie 

1,400 J 1,110 JOer-Biihrle..-^ 

2300 Z.05O iPargesaHldg 

460 1 389 (Pirelli 


12200 I 10300'Sandoz IBr).— . 

2000 1 1.550 'Sando* IPtCU) 

870 ! 590 !Sch.ndler fPlCls) 

1.750 1500 : Sika - 

8.950 I 6010 ‘Surveillance 

1385 '1,080 Svrlssalr 

572 i 421 (Swiss Bank 

20.300 1 15200 Swiss Bernice 

2,788 (I960 'Swiss Volksbk 

6.120 I 4350 i Union Bank 

7,500 5,800 I Winterthur 

7,917 1 5875 (Zurich Ins 


Price 

Fn. 

.1 11700 
■I 650 
3075 
. 2380 
.! 3575 
.1 2405 
3060 
.1 35«0 
1510 
.1 130750 
J 13125 
J 8700 
.1 3500 
.'1600 
.19575 
.1235 
12120 
.1417 
I 12000 
I 2000 
I 845 
[1580 
.6275 
I 1365 
1450 
•! 16000 
12070 
I 4t>75 
>6375 
'6575 


FINLAND 



1987 


Mte 


. Low 





221 * 




49.55 ■ 

248.5 

184 

jKone .... 

215 

1795 

63.6 

1325 

(Nokia 

1695 

92.7 

69 

(Poh/ola *8'.......—. 

82.75 




27 

246.5 

137.5 

1 Stock marm 

2435 

36.75 

28-8 

lUBF -C 

33.4 

1545 

150.5 lUld. Paper 

1515 

217 

155.5 1 Warts ila tslll 

12065 

SINGAPORE 



1987 


Prin 

High 

Lew 


S 

1.97 

1.25 


1.92 

6 

4.25 

Cereboi Pacific. — 

5X0 

52 

33 

Cold Slnrag** 

4.60 \ 





as 

615 

G fitting. ...... 

6.4 0 

4X8 

2X8 

Haw Par Bros - 

4Xa 

4.46 

2.71 

Hong Leung Fin.—. 

4.44 


2.72 



3.9 

2.74 

Keppel Shipyard.— 

354 

8 

5.15 

Malay Banking..— . 

7.75 

2X1 

1 16 

Malayan UttL Ind... 

2.48 

0.93 

039 


0.90 

105 

8.9 

OCBC ...- 

9X0 

4.88 

3.22 



2.8 

1J.7 

Public Bank ..—.... 

259 

352 

1.93 

Simp Darby— 

3.4Z 

14.2 

9.25 

Singapore Air . M ^ 

13.40 

8X 

7.6 

Singapore Press .... 

B.40 

4.42 

3.66 

Straits Trading.— 

4.24 

352 

2X2 

(Tat Lee Bank 

3.46 





AUSTRALIA 



1987 


Pri» 

I High 

Low 


AnstS 



3.8 

IX 

A.F.P 

2.40 

145 

8 

Adelaide Steams — 


5.04 

4JJ5 

Amcor 

4X5 

45 

28 

ANZ Group 

432 

3.45 

2X5 

Ampol Pet .......... 

3.10 

3.75 



2.93 

4.7 

2.7 

Ashton 

3X0 

3.12 

2.25 

Ausi Guarani. — ... 

2.72 

2-05 



1.90 

8.4 

7.1 

Bell Group.—; 

B.40 

6.4 

4J2 

Bell Resources 

4J2 

2X3 

1X7 

Bond Corp Hldgs — 

250 

55 

4X5 


5.02 

5.46 



4X5 

105 

7X5 

Brambles Inds..—.. 

10X0 

1X9 

0X5 

Bridge Oil 

155 

1055 

7.75 

BHP.. . 

10.05 

-1.90 

1.25 

3HP Gold 

r sm i 

4.91 

3.77 

Burns Phiip— .. 

4X2 

11.3 

64 

:ra 

9X0 

455 

355 

CSR - 

4.05 

5.8 

255 

Chase Corp 

Z.87 

1.85 

0.7 

Claremont Petro.... 

1.14 

75 

6 

Coles Myer — — ... 

7.04 - 

3.65 

2 

Comalco “A" 

352 

0.74 

02 

Consolidated Pel — 

0.20 

3-B 

2X5 


2.70 

51 

4 

Elders IXL 

4.48 

26 

155 

Energy Res . 

2-60 

3.43 

228 

Gen Prop Trust.. 

325 

4.95 

3.42 

Goodman FieWer... 

3X5 

4 

2X 

Hardie (J.) 

3.65 

51 

2X 

Hartogen Energy— 

340 

4.2 

2.7 

ICI Ausi — — 

4.15 

1 6 ! 455 

Industrial Equity— 

4.70 

0X7 

0.38 

Jimbltana (50cFP)„ 

057 




1.00 

9.8 

6.9 

Kidston Gold 

6.90 

14.4 

8.4 

Lend Lease 

14.00 

3.48 

L4S 

MIM 

2-40 

4.75 

39 

May ne Nick less — 

4.65 

52 

4.1 

Nat. AusL Bank — 

4X0 




18.90 

4.5 

11 

Noranda Pacific.... 

3.55 

3X9 

1.91 

North Bkn Hill 

2.98 

1.11 

IJ 

Oakbridge-. — ...... 

0X0 

4.5 

^1 

Pancont‘1 

3.60 | 

365 

3.05 

Pioneer Cone ... — 

3.40 

4.75 

2.1 

Placer Pacific 

355 

6.1 

2.7 

i Poseidon 

5.50 

1.7 

0.90 

Queensland Coal.... 

150 

72 

3 85 

Santos — 


52 

4.6 

Smith tH.) 


4.52 

32b 

Thos Natwcde 

lAimi 

8.1 

5.75 

Toeth — — - 

aio 

4.05 

755 

Vamgas 

3.70 

B.12 

351 

western Mining .... 

6.42 

53 

4.4 

wesioac 

5.00 

2.68 

155 

'Woods* de Petrol— 


4.1 

335 

'Wool worths .......... 


4.4 

25 

Woe maid JmJ 

tsmi 


GERMANY 

Z987 

High i Law 
350 | 280 

2220 11553 
303-5 ( 239 
334-5 | 274 
563 1365 

523 (375 

543 390 

650 (455 

344 1 270 

312 J 244.5 
350 1269 


| Jaw 19 

(AEG 

[Allianz Vers 

BASF 

fhyer 

Bayer-Hypo. 


1220 

533.5 
240 
790 
381 
310 

531 

1110 

297 

1202 

555 

293 

600 

479 

529 

182 

51-8 

708 

191 

197.6 
185 
1025 
366 
2700 
823 
995 
200 
240 
34b 
691 
742 
127 


920 

420 

200 

571 

286 

268 

458 

634 

Z40 

BB 

378 

201 

507 

403 

447 

142 
35 
589 

143 
148 
142 
740 
250 
1550 
687 
815 

.145 
I 186 
238 
1524 

I 620 
(109 


371.5 (311 

315 ( 252 

174.5 1 1393 

486 >375 

421 i 312 


(Bayer- V ptyui 

iBHF-Banfe 

BMW 

| Brown Boverl 

Cont' I Guntml— . 
Daimler-Benz.—. 

Degussa 

tPsche Babcock ... 
.Deutsche Bank .... 
(Dresdner Bank .... 
Feld Muehie Nob. 

Henkel 

Hochtirl. - 

Hoechsl _.... 

Hoesch Wertre 

Holrmann tpj 

iHorten 

Huuri 

Karstadt 

Kaufhof 

KHD 

Kloeckner 

Linde 

Lufthansa - 

MAN 

iMannrsmann 

[Mercedes Hid. 

Metaiigeseii 

Munich Riteck .... 

iNIxdorf 

[Porsche..- 

Preussag 

Rhein West Elect, 

Rosenthal 

IScherintj._ 

ISiemens— 

(Thyssen 

Vana 

IVeba 

IV.E.W 

JVerein-We5l 

I Volkswagen 


[ Price 
I On. 

..I 31530 
I 1745 00 

303.50 

334.50 

408.00 

415X0 

430.00 

650X0 

319.50 

26930 

339.70 

1089.00 
_ 475.00 
.. 226.00 
... 641.60 

.1 32630 
...I 303X0 
... 531 00 
...I 6393 
...I 297.00 
..(120.10 
-I 383.00 
.. 229.00 
J 561.00 
.1 445.00 

493.50 

102.00 

4250 

703.00 

181.50 
... 170.90 
,_l 158.20 
J 943.00 
J 322 00 
-1 1800 
J 809X0 
_) 970.00 
J 155.00 
J 213X0 
-.1 250.00 
J 577.00 
.. 733.50 
..1 119.50 
.1 335.00 
.1 314.00 
.1 174.50 
.1 408.00 

387.00 


FRANCE 

1987 

HM I Law 


!19 


1961 

1L1LM 

9091 


573 


6325 


768 

660 

868 

666 

619 

525 


2380 


990 


4285 


2190 


3895 13151 


746 

1185 
407 
328 
3150 
545 
2560 
1543 
398 
3778 
1380 
133 
1760 
4530 
5980 
1965 
2865 
3840 
1734 
2600 
119 
229 
549 

1186 
839 
558 
1679 
870 
1758 
3600 
1925 
457 
500 
1560 
3640 
1745 
638 


588 

663 

357 

323 

2360 


jEmprunt 4I]96 '73 
|Eirpnint 7% 1973- 

I Accor — 

lAgence Havas — 

■Air Liquids 

IBIC 

■BNP (Cert. Inv.).. 

iBongraln.-..- 

(Bouygues 

[BSN Gervals 

[c IT- Alcatel 

■Carrefour. . 

IClufa Medlteranean .. 

Cie 8a real rc 

Conmcg.... 


379 

1912 

1136 

314 

3219 

1069 

84.6 

1326 

3785 

4358 

773 

2200 

2464 

1295 

2200 

75 

159-3 

460-5 

959 

716 

400 

1151 

516 

995 

2475 

1485 

1390 

461 

1200 

2850 

1362 

502 


CGE 

Damart— 

Darty 

Dtnnez 5.4. 

Eaux (Cle Gen) 

Ell-AquiUine .... 

E SSI I Or 

Gen. OctMeMale ... 

I metal 

Lafarge Coppee.... 

L'Oreal 

Logrand 

Maisons Phenlx—., 

Matra SA 

Michel In B 

Midi (Cie) 

Moet-Hennessy 

Moulinex 

fiord Est 

Paribas ... 

Pernod Rican! 

Perrier. 

Petroies Fra 

Peugeot SJL...— 
Primemps Au— . 
RadnHedi 


Redoute 

Roussel-Uclaf. 

5L Gobain 

iSefimeg— 

I Skis Rossignol . — 
|Telemech Elea — 
Thompson ICSF).. 
1 Valeo 


_Frt 

1940 

0900 

446X0 

520.00 
I 660 
1715 

I 525 
I 2660 
(1019 
14860 
2517 
3185 

588.00 
670 

366.00 

323.00 
2670 
379 
2162 
1153 
366.20 
3499 
1116 

115.00 
1485 

I 4025 
I 5310 
183.00 
: 2200 
13130 
1295 
2500 
75 

15930 

46030 

959.00 
755 

476.00 
1485 
705 
240B 

12926 

1510 

41630 

480 

1200 

2850 

1362 

548X0 


SPAIN 

1987 


1680 

1135 

650 

630T 

1900 

1295 

2000 

910 

750 

113a 

169a 

598 


1275 

970 

385 

450: 

1395 

930 

1600 

610 

450 

52a 

84X 

375 


Antlf 


Bilbao 

Banco Central .... 
Banco Exterior— 
[Banco fflspand— 
(Banco Popular ... 


! Price 
I Pts. 


Banco de Vlzcay. 
Banesto — — 

Dragados 

Hidrold. 


Iberduero — 

Petroleos 

1943 1 1463 iTrtelonica 



SOUTH AFRICA 

1987 I 
Low 


ill 


4.2 

was 

152 

43 

84 

388 

25 

26.75 

81.75 
5 

7/4 

43.25 

86 

60.75 
81 


2.9 
143 
92 
35 
67 
308 
18-23 

18.9 
71 

2.9 
5 

35.75 
66.5 
50.25 
[57 


jAbercom— — , 

AE G Cl 

Allied Tech. 


Anglo Am Coat - 
[Anglo Am Corp. 
Anglo Ant Gold- 
Barclays Bank- 
Barlow Rhnd—., 

Buffets— 

CN A Gallo - 

Currie Finance „ 
De Beers. 


7 14.9 

21-25 (17 
835 jba 
19.1 1 13 
153 HO 
57.62 J 44X7 
28 1 17.5 

19 1 10 

21.5 1 153 
44 1 29.73 

12.75 l 7.75 


lOnefonteln — ~ 
iFreegold..— 
Gold Fields SA . 
Inighveld Steel .. 
[Mafcor Hfdgs — . 

Nedbank 

>0K Bazaars 

[Rembrandt—. 

I Rust Plat 

I Sal re n . 


Price 


I Sage Holdings—. 

ISA Brewers 

I Smith tC.G.I — 
iTongaat Nulett— 


3.20 

18-25 

150 

35 

82.75 

35930 

22-25 

25-15 

7230 

4.45 

530 

39.25 
7930 
51-25 
74 

7 

19.80 . 
830 

18.25 
[15 

53X7 

28 

117X5 
(19 
14330 
1 12.40 


JAPAN 

19B7 

High 1 Law 
4100 I 1890 
1.990 1 1020 
2440 I 1320 
1280 1770 
2180 11310 
1900 I 1040 
1220 | b63 
694 I 545 
1020 I 691 
1400 >861 
1950 11340 
1900 11190 
4160 I 1950 
770 ! 603 

2400 ! 1700 
2b 30 I 17b0 
3930 I 1750 
2380 11710 
6100 386 

4220 <3170 
3650 12730 
2270 J 1750 
1170 I 700 
880 1 479 

2990 | 2230 
2230 1 17b0 
1150 I860 
2080 1 1500 
1750 I 1140 
5400 1 2560 
769 1 40b 

418 >310 

1030 ( 731 
4240 3210 

IbBOQl 1200 
1630 >1050 
2130 11460 
2170 1650 

283 >175 

3090 I 1600 
349 I 156 
690 ! 474 

807 : 571 

678 : 348 

1340 <1100 
5510 13560 
620 1 440 


[ rime W 

lAIInomoto 

■ All Nippon Air..—, 

I A ids Electric 

lAsalti Chemicals .. 

lAsahl Glass 

iBank Tokyo 

I Bridgestone .... — 

iBrOUwr mm 

Canon 

: Casio Computers.. 

ICItugai Ptiarru ...... 

IDaiei 

[Dili I chi Kan Bank, 

lDai Nippon Ink 

lDn< Nippon Pig — 

IDaiwa House 

1 Daiwa Sec 

lErsal 

(Fanuc 

IFuii Bank— 

i Fu|i Film 

Fuiisawa. 

FuUtsu -.. 

[Fuiisawa Elect — 

i Green Cross - 

[Heiwa Real Est 

Hitachi 

I Hitachi Credit 

I Honda — 

Ilndi Bank Japan... 
Ilshikawajima Ha .. 
[Isuru Motors. ....... 

iltoh (Cl 

jltoVokado.... 

JAL.. 


Uiisca...—..— 

Ikaiima 

iKao Soap — . 

I Kawasaki Steel — 
(Kirin... 


Kobe Steel 

I Komatsu ..... — 

iKonlshlroku 

(Kubota 

[Kumagal — 


3590 

452 

1220 

*2100 

4200 

1230 

1640 

603 

3490 

662 

3030 

939 


2500 
: 330 
• 800 
.1460 
. 2010 
I 731 

I 960 
40B 
I 2440 
430 
1 1310 
I 530 


3100 11850 
804 ( 335 

1840 11020 
1.040 1807 
3120 11510 
1660 14 
2090 I 1400 
1610 11200 
1700 I 1270 
850 600 

367 I 230 
1410 U20 

545 1 439 

1470 1 1000 
39B I 171 
675 1 460 

691 1 443 

765 I S50 
1450 I 728 
5900 <2920 
1390 1946 
840 >540 

2250 I 1010 
4360 | 3330 
2780 11600 
1070 700 

2050 <1610 
3610 | 1610 
530 1361 

2300 1270 

2640 1 1660 
8490 t 6700 


Kyoto Ceramic 

1 Marubeni -... 

I Moral 

(Mazda Motors—... 

lMei|a Selim 

MEI - 

M'bishi Bank 

M’Wsht Chem 

M'bishi Core 

'M'bishi Else..—.., 
M'bishi Estate— 

MHI 

Miuri Bank 

Mitsui Co - — 1 

Mitsui Estate — 

(Mitsui Toatso 

iMitsukosM - — 

NGK Insulators 

(NikoSec — 

[Nippon Denso 

(Nippon Elect — 
Nippon Express.... 

Nippon Gakkl 

Nippon Kogaku — . 

Nippon Kokan 

Nippon Olf. 

Nippon Seiko .. — 
Nippon Shfmpan... 
Nippon Steel ...— 

Nippon Suisan 

(Nippon Yusen 
(Nissan Motor — 
INKshm Flour... 

(Nomura 

Olympus 


(Onada Cement — 

lOnem Finance 

(Orient Leasing— 
I Pioneer 


816 
723 
1550 
1680 
362 
2720 
2560 
395 
930 
1460 
140 
892 
971 
780 
2480 
2660 
660 
1620 

1180 

2890 1 1810 
9350 7150 

1570 1070 

2100 11270 
1780 H410 
790 555 

Hid 1 1910 
2090 11460 
530 1258 

3000 1690 

900 (603 

3100 1500 

4490 3630 

1900 1560 
1560 I 935 


1140 

1190 

1980 

2150 

710 

3970 

4930 

960 

1850 

1830 

270 

1350 

1570 

1900 

3630 

3880 

B80 

2250 

2600 


[Ricoh._-..— 

ISankyo — ... 

(Sanwa Bank 

Sanyo Elect. 

ISappoco 

ISekisui House 

[Seven-Eleven 

(Sharp 

IShimzu ConsL . 


I PHee 
I Y.n 
j 3500 
J 1870 
.1 2440 
..I 1160 
.. 2100 
J 1760 
■J 1ZZO 
.1 690 
..I 951 
..1 1310 
..( 1890 
..I 1900 
..I 3700 
..I 754 
.1 2290 
..I 2370 
J 3080 
J 2090 
.1 5630 
..1 3810 
..(3650 
.1 2000 
. 1170 
769 
..I 2740 
.1 1780 
.1 1150 
. 1840 
..1 1750 
J 4980 
.. 715 
.. 418 
J 803 
.14240 
. 14800 
- 1630 
.1 1760 
12150 
260 
2770 
281 
639 
797 
608 
1120 
5500 
532 
3520 
431 
1120 
2100 
3810 
1180 
1360 
585 
2790 
598 
2750 
815 
2650 
.(741 
.1 1820 
935 
25 BO 
1620 
2010 
1340 
1680 
850 
305 
1360 
540 
1420 
336 
-1 637 
J 611 
J 715 
.1 1320 
14990 
1170 
768 
lbbO 
3950 
2780 
1070 
I860 
3200 
530 
2060 
2450 
8450 
1140 
1000 
1760 


Shiseido - 

Sbowa Denko 

Sony . 

m 

S'lomu Bank 

Sumitomo Clwm _ 

4360 

925 

1110 


1770 


234 


1070 

Taishb Marine—— 
Taiyo Kobe Bank — 

Takeda 

TDK — . 

m 

Teijin 

Toa Nenryo Kyo — 

Tofcai Bank — 

Tokyo Marine 

Tokyo Elect Purr.— 

830 

2130 

2400 

2370 

7150 

1180 

Tofcyu Corp — — 

1950 


Toppan Print— 

Toray — 

Toshiba Elea— ». 
Toyo Seikan — — .. 
Toyota Motor—. 

UBE Inds 

Victor- 

Yamaha 


Yanutchi Sec 

Yamanoochl .... 

YamazaM 

Yasuda Fire 


I 736 

In*- . 

2450 

19 70 

485 

3000 

870 

2540 

4050 

1710 

1250 


HONG KONG 


1987 

High 1 Low 

26.9 1 17 5 


Jum 19 


66 

135 


4.9 
( 8X 


I Price 
J H.K5 
IBank East Asia-— j' 24.40 
[Cathy Pacific ..I 6 AO 


23 Jl 1 175 
0.97 1 0.58 


Cheung Kong 

[China Light 


15 J. 

38 

7 

24X 

11.5 
85 
11 

15.5 
14 
285 
20 
12.8 

17.1 
J.48 
25 
145 
9.9 

12.1 

4.17 


10.2 

126 

3.9 

155 

6 

55 

7.4 

115 

115 

17.7 

135 

a.i 

9.25 

1-12 

155 

8.45 

75 

a4 

3 


E verge 

Hang Lung 1 

[Hang Seng Bank.... 
Henderson Land — 
Hong Kong China— 
HKE 


ilectrrC- 


HK Land 

HK Shanghai Bank-.' 

HK Telephone..— 

Hutchison Wpa — . 

Indust Equity P — 

Uardine Math — 

l New World Dev._ 

[5HK Props 

(Shell Elec. Mfg. _. 

'SwirePacA 

iTV-B 


[Wharf Hldgs 

Windsor Ind — 

(world int Hldgs — 


13.20 

23.00 
067 
14X0 

37.00 
6.75 

17.90 
9,25 
7X5 
8.45 
13.80 
12X0 

20.90 

13.90 
1250 
16X0 
145 

23.20 

14.10 
B.50 

12.10 

4.10 


NOTES — Pnces on this page are as quoted on 
the individual exchanges and are last traded prices. 
# Dealiogs sutpendrd. xd Ex rilridenL xe Ex scrip 
issue, xr Ex rights, xa Ex a)L * Price la Kroner. 


NEW YORK 


Indices 


DOW JONES 


+ Industrials . 
Home Bonds . 
Transport — 
UtBties—- . 


June 

19 


1026.94 

20555 


June 

18 


240843 

88X6 

tnghm 

20441 


June 

17 


240735 

88X0 

1022X0 

203X7 


June 

16 


240755 

8853 

101950 

20325 


1987 


Htgft 


2420X5 

(194?) 

9551 

CTO) 

102953 

(12/6) 

227X3 

( 22 / 1 ) 


Low 


am H 
19159 
(20fS> 


Since conciliation 


High 

192751 1 2420X3 
t24l(UWV87>! 
87X7 
(22/S> 

81658 


(-) 

102953 

12/U87) 

. 227X3! 
H22/1/87? 


Low 


4152 

(2/7/32) 

(— ) 
1252 
(B/7132) 
105 
18/4/32) 


♦Days High 2431X5 (2419.91) Low 239556 (2386 4bi 


STANDARD AND POOR'S 
C ouo ws be t — 


bOstriab. 
Fteandafs . 


NYSE Composite 

Amex MkL valoe 

NASDAQ OTC Comp .. 


30697 

355X0 

3056 


17257 

339.90 

429.08 


305X9 

354^2 

30.44 


171X4 

338X4 

428.97 


304X1 

35322 

30.43 


171.44 
33829 

428.44 


304.76 

353X4 

30.42 


17155 

33752 

42753 


305X9 

(18/61 

35322 

(17/61 

3151 

16/31 


172 57 
(19/6) 
542.23 
(6/4 ) 
439.64 
120/3) 


246.45 

( 2 / 1 ) 

27458 

( 2 / 1 ) 

25.97 

129/51 


. 305X9, 
(Ua'b/871 
35322 
1 11 7/6187)1 
3L51) 
(6/3/87 ijf 


14L01 

(2G)R 

267.49 

( 2 / 1 ) 

35326 

L2/11 


,172571 
YHvenl 
342 is 
(6/4/87li 
. 439X4. 
k20/3/87ik: 


4.40 

WbTJZi 

3X2 

(21/6/32) 

■flu. 
1/10/74) 


, 4.46 

[USMMS 
, 2951 
1(9/12/72) 
54X7 
3aV72) 



June 12 

May 29 

Apr. 24 

year ago (appro*.) 

Dow Industrial Div. Yield 

283 

293 

2.99 

3X2 


June 3 

May 27 

May 20 

ye* ago (approc) 

S and P imkKtrlal Oh. YMd - 
S and P P/E rabo 

2X1 

22.43 

255 

21.97 

264 

2 121 

3X6 

1723 


TRADING ACTIVITY 


t Volume 


IK Mans 

Jum 19 Jane 18 Jane 17 


New York . 
Amrx — 
XTC 


222.770 168.761 184.720 

— . 14.710 14X10 lbXeO 

<_) 158527 171X03 


NEW YORK 
June 19 June 18 



1961 

1.953 

L9B2 


969 

789 

777 


610 

724 

771 


382 

440 

. 434 

New Highs 

(— ) 

t*5 

73 

New Lours — 

1—7 

0 

15 


CANADA 

TORONTO 




1 

J** 

June 

June 

| 1907 


19 

18 

17 

lb 

High 

LOW 

Metals & MUerah 

Comoosrte . 

2874 3 
374020 

28365 

3720.7 

2040.58 

371920 

2031.4 

36972 

2943X (1X51 
3881-2 lb/4) 

I9B&Z (2/11 
30678 12/11 

MONTREAL PftrlfoliD . 

1896.15 

1877.75 

1874.«« 

1054.84 

1935.0 ‘b/4> 

15343 imt 


NEW YORK ACTIVE STOCKS 



Stock* 

Closmg 

Change 

Friday 

traded 

prxe 

on day 

ATT 

— 5,071,100 

28J 


Giimte 

— 3X80,100 

39>i 


Pan Am Co — 

— 3,444.400 

6U 


6kT»Grp 

3,147X00 

N/A 


Geo Elect - - 

— . 2X48,400 

»>a 

-‘a 


Stocks Closing 
Fnday /railed orae 

IBM £367.200 lbl* 

Eutn —_.... 2,Jbl500 

Amer Erpr 2118.800 

Dei Ed ... I'SS-SH 
Com*. Ed. 1,739X00 


90)f 

35^ 

16** 

36W 


Cbange 
on day 

+'j 
+ *4 

*u 



June 

Jou 

JM 

June 

1987 


19 

18 

17 

IX 

High 

-Low 

AUSTRALIA 

(a) 

17982 

UKOX 

18060 

18580 OBIS 1 

1486.7 12/2) 

Mrtab & MweraWlX^O) 

(u) 

1087.9 

10953 

10993 

12873 CI8e) 

7291 (2/11 

AUSTRIA 

Crttfli AktieB (30/12/84) - 

HP PI 

CO 

10329 

182.93 

230X0 am 

10201 (1W6) 

BELGIUM 

BnoehSE (1/1/84) 

4674.76 

467431 

467100 

466830 

46830 05/51 

398706 (9/1) 

DENMARK 

Copeftiageo 5E. 0/1/831 — 

fail 

21140 

21009 

(n> 

21737 (22/1) 

189X4 (6/1) 

FINLAND 

Urtkas General (1975)— 

to) 

5427 

5443 

5454 

5459 U?<>) 

4250 /50) 

FRANCE 

CAC General OUUjK)— 
tad Tendance (31/12/86) - 

400X0 

99.40 

40900 

10020 

41430 

10320 

41720 

1041 

460.4 Cb/3) 
1172 QU3) 

3920 ®1» 

970 (2/1) 

GERMANY 

615.73 

to) 

CO 

598X6 

6760a (Ml 

53832 (19/3) 

Coraerzbu* 11/12/531— 

1058.40 

to) 

to) 

18IBX0 

20003 16/11 

16330 09/3) 

HONG KONG 

Hang Seng Bank Ql/7/64) _ 

3165X4 

mu* 

3178X2 

3178.88 

3178X2 (17/6) 

244908 asm 

ITALY 

Bana Com. Hal (1972) — 

71140 

71599 

71501 

71903 

76734 (304) 

673X0 am 

JAPAN 11 

2528832 

2575055 

2592942 

2573886 

25927.4? £17/6/ 

2SS440 £112) 

Tokyo SE New (4/1/68)— 

217401 

222102 

224109 

223113 

22583b (11/6) 


NETHERLANDS 
ANPCeStaiaVTO)- — 
ANP CBS 1 odea. (1970) — 

297.40 

ZS6D0 

29800 

pgg.ni) 

29820 

252.90 

29500 

24830 

29820 (17/6) 
274.9 (S/1) 

257.7 (280) 
2*3X0 UV& 

NORWAY 

Oslo SE (4/1/83)— 

433.40 

432.71 

43429 

43401 

43616 (24/4) 

361.90 am 

SINGAPORE 

Swans Tmes (3002/66) — . 

123739 

123517 

1236X0 

122335 

124571 (5*> 

88908 1201 

SOUTH AFRICA 

JSE Sort (28/V70- 

JSE Inert 128/9/78) 

. M 
<n) 

20560 

18970 

20570 

10970 

20790 

18990 

Z30B0 (27/41 
19570 ilW5> 

17860 (19/3) 
1423.0 (2/1) 

SPAIN 

Madrid 5 E 130/12/851 

23022 

to) 

22709 

22831 

255.95 0312} 

20209 (8/5) 

SWEDEN 

jKobswt P. £31/1356/ -. 

to) 

271230 

« 

859848 

278230 168) 

211139 (288) 

SWITZERLAND 

Swiss Bank Coro 01/12*58) 

60330 

5993 

60010 

592.90 

6033 <6/l) 

5645 <25/21 

WORLD 

(It 1/70).... 

(u) 

477.70 

4790 

47930 

480 30 112/6? 

3613 (2/l> 


"Saurnu* Jxne 13- Jap*, auriri cloved. 

Base values of a)' ■««« w 100 except Brussels SE-1,000 JSE Goid-255.7 
264 3 ann Australia. All Ordinary and Ueu/s-500.- NYSE Art ^^Sundart 

Poor's— ia art) Toronto Composlieand Metals— 1000. TowiUJ indices based 1975 and iMmnrMJ 
Portfolio 4/1/83. T Excluding bench. Z 400 IrtOuSlnaK p\u& 40 UUlUie^ 40 FlnfflitiaH Afld 20 
ua iHporto (d Oo^d- M l/ns»aiUW^ 


CANADA 


Saks Sack Mgb Low Cbse Dug 


TORONTO 

Closing prices June 19 


12927 

AMCA W 

510’a 

WJU 

107® 


13925 

Atnttbi Pr 

S35 

33*t 

35 

+1*4 

12300 

Agnico E 

532 


32 

+v 

37957 

Aibrta En 

S20>a 

201* 

205, 


15500 

Aibrta N 

*1«« 

1*3, 

M3® 


135090 Alcan 

S4P, 

403, 

413® 

+% 

9098 

Argonw 51 

S161« 

18 

16 

-1, 

2850 

Aftamem 

S13 1 ! 

12>, 

127® 

-1, 

6900 

Atco i r 

snv 

113, 

111* 


2300 

Alco Jt 

811*2 

11* 

111* 

+ % 

5430 

BC Sugar A 528 

27lj 

2B 


4700 

BGR A 

1131, 

13 

W| 

+% 

10330 

BP Canada 

521 

21 

21i, 


7300 

Bwhtv C 

5)2^ 

1 2U 

121* 


79622 

Bk BCol 

61 

60 

80 

~1 

11BB3I Bk Monti 

*383, 

33 

339® 

+ 1* 

276953 Bk NScot 

SIB 

17* 

177® 


70523 

Ball Con 

542 

4tt| 

42 


173003 Bow Vaty 

SM7, 

1B*« 

Wt 

+% 

17100 

BraJorriB 

210 

190 

210 

+20 

6950 

Bramaloa 

523V 

23 

23 


04076 

Braacnn A 


341* 


+ % 


Brkwtuar 

MHf 2 

T7, 

61, 

~% 


BC ForP 

571 U 

20'; 

21*® 

+ »z 

22750 

BC Ras 

IIS 

112 

113 

+ 1 

13145 

BC Pttona 

538', 

28*® 

28<« 

+% 

1000 

Brunswk 

IIS 

157, 

16 

+ % 

447GS 

CAE 

1101, 

101, 

101® 

*■ *4 

39600 

CCL B 1 

*13/® 

13** 

131* 

-*, 

400 

CH. 

5291, 

29*4 

29*4 

-% 

360957 Cad Fra 

171 

82*, 

32** 

-7® 

13400 

Cambrkso 

r?l 

27% 

279® 

-*4 

19410 

Camp RLk 


34 

34 

-** 

26410 

Camp Raa 

270 

2S5 

265 

-3 

51800 

Camp Soup 

52ffi® 

2Wj 

207® 

+ % 

7350 

Campaau f 

S387, 

361 2 

389, 

-1® 

231 

CCam u p 

5157® 

157® 

157® 

+ ’a 

118464 COC f 

5127® 

123, 

123, 

+ % 

300 

Can Man 

522*4 

221® 

22*8 


3GSB 

C Nor West 

1 

23i* 

231* 


3500 

C Packra 

LilM 

18 

161® 

~% 

300 

CS Pete f 

450 

450 

4S0 

+40 

50 

Can Trust 

sen. 

B83< 

68V 


900 

Cdn GE 

S211i 

21*4 

21*4 


263580 Cl Bk Com 

S22 

21 >4 

21'® 

+ '4 

1200 

C Manmnf 

S20 

20 

20 

-to 

2125 

C Ocdental 

5383, 

38<* 

380, 

+% 

349030 CP LB 

S2S 

241, 

247® 

+ % 

111083 CTTro a r 

5155) 

15% 

15% 

+ % 

17000 

ClltB A f 

5201® 

20 

2D*® 

+ '• 

IWI 

CUM B 

520 

20 

20 


6390 

Cantor 

5291* 

291® 

29% 


22400 

Cara 

512 

Hi, 

12 

+ % 

200 

Cara A f 

Sill® 

lit® 

I'M® 

+ to 

276S56 Carina A 

lit* 

11 

11 


600 

(Maltese 

521*2 

21’4 

21% 

-to 

12300 

Cemfd A 

591® 

O'® 

9 

-% 

14094 

Chleitan 

5141, 

14 1® 

Ml® 

-to 

3000 

CHUM B f 

I15*z 

IS 

15 


103001 Comineo 

8173® 

17 

17% 

+to 

8000 

CampuUoo 

SO/® 

63, 

67, 


4300 

Compm In 

315 

315 

315 

+3 


SMn 

SMdt 

Higk 

Uh 

Dm Cbm 

4300 

Con Baft A S1B% 

«% 

18% 

-to 

11700 

CDMb B f 

455 

440 

440 

-TO 

5224 

Cone Gas 

526% 

26% 

26% 

-to 

2000 

Can Glass 

*25 

25* 



550 

cm. Bank 

330 

330 

330 

+5 

2674 

Comma B 

313 

13 

13 


2723 

Costain Ltd 

313 

12% 

18 

“to 

tPSIHI 

Cooeka R 

115 

107 

110 


1450 

Crown 

316% 

16% 

16% 


14100 

Cnrwnx A f 

37% 

7% 

7% 

-to 

17000 

Czar Rat 

210 

200 

200 

-5 

mn 

Bantam* A pS7to 

7% 

7% 


116600 Dantaon b f 

56% 

0% 

B% 

+ % 

34100 

Dtdmn A 1 

311% 

11% 

11% 

-to 

125B93 Oetaaco 

325% 

25 

25% 

+ to 

81255 

Dorm Mina 

317% 

171® 

17% 

“to 

TOT 507 Dome Pete 

115 

112 

115 

+3 

34522 

0 Tends 

S20>* 

20% 

20% 


17234 

Domtar 

319% 

19% 

19% 

+ % 

18000 

Donahna 

5361® 

35% 

35% 

+% 

3009 

□u Pant A 

S2B1* 

28 

20% 

+ % 

0830 

Oylcn A 

513% 

15% 

15% 

-to 

59200 

Echo Buy 

348% 

407® 

47 

-1% 

700 

Chico 

513/® 

13% 

13% 


16700 

FCA M 

316% 

161* 

i®a 

-H 

114870 FlettbrdQ 

322% 

22% 

22% 

+to 

0360 

Fed Ind A 

317% 

17% 

171* 

+ to 

1700 

Fad Plan 

S12< 2 

121* 

12% 

+ to 

fjffiyi 

FCHy Fin 

319 

18% 

«% 


145 

Fort Coda 

3T7S 

173 

175 

-1 

7348 

Qandalf 

S12*« 

11% 

11% 

-% 

7850 

Gsac Comp 

299 

285 

290 

-9 

7400 

Gandte A 

319% 

19 

19% 

+H 

2000 

GJbritar 

510/® 

10% 

10% 


17100 

Gotdcorp t 

310% 

10% 

10% 

-to 

17600 

Grafton a I 

Si*% 

1*% 

«% 

+% 

4820 

GL FOittBt 

S45«* 

45 

45% 

+% 

4550 

GuarPA f 

S1B7® 

18% 

16% 

+ to 

63037 

Gulf CM 

329% 

267® 

28% 

-% 

200 

Hawker 

328% 

36% 

26% 

-to 

2723 

Hhh 0 

*11% 

11% 

11% 


231277 Haas Inti 

525 

Z3% 

24% 

+1 

1204 

H BayMn a 

59% 

9% 

Ma 


6874 

H Bay Co 

523*4 

23 

23 

-to 

187646 imasca 


34% 

34% 

+% 

120455 Imp 09 A 


71 

73 

+ 1% 

60882 

tnco 


24% 

24% 

+% 

1710 

Inland Gas 


14% 

M% 


4550 

fnnopnc 


0% 

9% 


38281 

tocar Ckv 


19 

19% 

-to 

113375 Mi Them 

SM% 

14 

14% 

-to 

7297 

user Pipe 

*51 

50% 

51 

+ to 

10800 

baoo A f 

*15% 

147, 

15 

+to 

2200 

Ivaco B 

*15 

15 

15 


33351 

Jamack 

*19*4 

18% 

Ifl 

-to 

200 

Kerr Add 


23 

23 


220 

Klena CM 

320% 

20% 

20% 


51621 

Labs* 

325% 

25% 

25% 


41661 

LL Lao 

*42% 

41% 

41% 

-1 

7BSD 

Lacans 

*17% 

17 

17 

-to 

13226 

Lakflawr A 

*21% 

21 

21 

-to 

96147 

LaUtsr B 1 

SW% 

19% 

19% 

-to 

5460 

Loigb bis 

*5% 

S', 

51* 


11400 

LoMaw CO 

*15 

147, 

15 


7806 

Lumen lea 

$11% 

11 

11% 

-to 

7000 

MKC 

*«% 

16% 

w% 

-to 


Erin 

Stack 

Kgb 

law 

Dan 


100 

MSR Ex 

290 

290 

290 

+5 

1S1B2 

Melon H X 

320 

19% 

197, 

+to 

1700 

Mean hy f 

3177® 

17% 

177® 

+ to 

2B0S6B MacmBan 

*251® 

a*% 

25 

+ % 

4B5S3 

Magna A f 

325 

241* 

24% 

+ to 

4692 

Maritime f 

SIB 

15% 

15% 

-to 

toco 

Mb Inryrs 

*46% 

& 

46 

+ 1 

7930 

Ifinri Ras 

420 

405 

-5 

57600 

Mitel Corp 

SSto 

9% 

Bi, 


man 

Motaon A 1 

sss 

24% 

347® 

+ to 

400 

Motson B 

S2S 

25 

29 

-to 

4425 

M Truaco 

S14H 

14% 

14% 

-to 

3391B 

Moors 

SSZto 

32 

32% 

+ to 

7100 

Murphy 

330 

28% 

30 

+ 1% 

90553 

Nat Bk Can 

514% 

14% 

14% 

+ to 

1200 

Nt Vg Tree 

325 

24% 

25 

+% 

2630 

NO CapA f 

312 

12 

12 

465799 Noranda 

*29% 

28 

26% 

+to 

24749 

Norton 

626% 

25% 

26% 

+% 

33695 

Moron ord f 

323% 

227® 

23% 

+% 

3300 NC Oils 
167600 Nor Tel 

317% 

S2BI® 



-to 

-to 

35700 

Nerihost 

*10 

9»« 

ar® 

-to 

141B21 Nva AltA f 

S8% 

87® 

9 


66600 

»i—. m 

nowyco if 

*167® 

16% 

167® 

+to 

200 

Numae 

S10*« 

10% 

10i, 

-to 

2050 

Oakvrt A f 

195 

195 

165 

+5 

13000 

Deaiot B f 

35% 

5% 

5% 


3300 

Omega Hyd 

*8% 

3. 

8% 


18900 

Ostawa A f 

*22 

22 

+ 1i® 


PacW Aid 

*257® 

25% 

25% 

-to 

145179 Pflurin A f 

*15 

14% 

15 

450 

Pamour 

*14% 

13% 

141, 

+1® 

56090 

Pa^sus 

*25 

23% 

23% 

-1% 

5800 

Pambfaw 

ST71* 

17 

17% 

-to 

3000 

PJewi A f 

113% 

13% 

13** 


500 

Pina Point 

3141® 

Ml* 

14% 


177570 Placer 0 

*20% 

20% 

20% 

-to 

13980 

Poco pat 

*161® 

15% 

IB 

+ % 

74800 

Pow Cor f 

*17% 

17% 

17% 

+U 

200 

Pracanib 

355 

385 

355 

-5 

7430 

Prwrtgo 

*11% 

11% 

11% 


3500 

Ous sturg 

S«% 

S'® 

6% 

-to 

21800 

Ranger 

*7% 

7% 

7% 

+ to 

400 

Hayrack f 

*11% 

11% 

11% 

8900 

Rod path 

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tt% 

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+ to 

3900 

RogioM R 

345 

340 

+ 5 

6900 

Rahman A 1 

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23 

23% 

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Rio Algom 

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20% 

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S00 

Rogers A 

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217® 

217® 

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Rogaro B f 

622% 

22 

221, 

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1760 

Roman 

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13% 

15% 

-to 

1180 

Rothman 

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78% 

79% 

+ % 

235014 Royal Bnk 

6331* 

33 

33% 

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40665 

RyTrco A 

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1B>, 

171® 

pww 

Royex 

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51, 

5% 

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1900 

SHL 9yaf 

$26 

26% 

26 

+ to 

7900 

8JL CemA ( 

528% 

26 

26% 

-to 

2200 

Scaptra 

485 

490 

405 

+ 5 

1300 

Sees Paper 

120 

W% 

10% 


35900 

Scads f 

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Scats C 

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11% 

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107200 Seagram 

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+ 17® 

6688 

Sears Can 

*11% 

11 

in® 

+to 

3500 

Selkirk A 1 

3191® 

19% 

19*4 

36625 

Snell can 

347% 

45 

46% 

+ 1% 


Saba 

Sock 


Law 

Bam 

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080 

SherrM 

*5% 

& 

a’ 


IBS 

Sigma 

3201® 

2F» 

29% 

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22500 

South n> 

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at 

22% 

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5260 

Spar Aero 1 

SY9fz 

w% 


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4000 

7348 

Steinbg A 1 
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ft 

IS 

- *5 

31300 

Tack B 1 

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31 

*1% 

+% 

3000 

Teie Mai 

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aau 

a/% 

+ 1 

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260 

245 

250 

1147B 

Texaco Can 

*37 

36% 

37 

+ % 

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Thom N A 

*331® 

32% 

33% 

+to 

£8228 

Tor Dm Bk 

*29% 

26% 

29% 

+to 

2977 

Tor Sun 

S3T% 

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22% 


115336 Totstar B 1 

31 

31% 

+% 

3700 

Total Pet 

*26 

2/7, 

26 

+ % 

7900 

Traders A f 

SS8 

56 

W 

-2% 

40 

Tms Ml 

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16% 

16% 


33568 

TrtlAte UA 

St 

29% 

29% 


115660 TrCan PL 

17% 

17% 

+ % 

31264 

Trillin A 

*20% 

20% 

s 

+ % 

20304 


495 

4N5 

+6 

1386 

Trtzec A I 

*33% 

32% 

33 

-to 

336 

Trlzac B 

*33% 

33 

S? 

-to 

10730 

Ubter P 

285 

260 

+7 

207 

Un Carhid 

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17% 

171, 

-to 

2758 

U Eiitprtse 

*12 

12 

12 


2400 

U Canro 

120 

1W 

116 

-9 

31100 

Versus A f 

84 

76 

m 


13500 

Versa B 

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70 

70 


100 

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100 

IDO 

100 

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3000 

Vulcan Ind 

330 

315 

330 

+ 15 

1926 

Wsjax A 

SIS 

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31600 

Wtoasl T 

S3 

161® 

Wto 

+to 

3800 

Wesanln 

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1640 

WsMon 

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40% 


417 

WootfMf A 

58% 

6to 

B% 


F-No voting rights 

or' mtrictKf wMag 

rights. 







MONTREAL 

Closing prices June 19 


3(315 

Bank Mont 

*33% 

as% 

39% 


11S0 

BombrtrA 

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23% 

23% 


26520 

Bombed rB 

*a*to 

237. 

24% 

+% 

7651 

CB Pak 

*21 

20% 

21 

48030 

Cascades 

*12 

11% 

I1T, 


3300 

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DomTxtA 

Si 

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201, 

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100616 NalBk Cda 

SS 

a 

-to 

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6000 

Noverco 

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12% 

a 

+to 

81151 

Power Corp 

*17% 

17% 

32034 

Prouigo 

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11% 

n% 


300 

RoHandA 

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w, 

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Royal Bank 

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1475 

SistnbrgA 

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36% 

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W Sain B.B04.7S6 shares 


OVER-THE-COUNTER 


Nasdaq national market, closing prices June 19 


Stack Sales High Uar last Ctag 

0adi) 

Continued from Page 39 


0 0 


OMI Cp 

56 

430 

Sto 

5 VTB 51-16 -Ml 

OMIpf 


54 

IBi® 

Wto 

19to 

OgllGp JM 

IB 

366 

32)4 

32% 

32%+ % 

Ogibay iao 

54 

5 

» 

26 

2 B 

OMoCasl.BB 

ID 

164 

47% 

471® 

47% 

OldKma 00 

9 

174 

23% 

227® 

23 

0(tNBj40a 

22 

1 

<3% 

45% 

45% - % 

OldRep .80 

12 

34 

297. 

29% 

2 B%- 1, 

Ommcm 08 


467 

Mto 

24% 

24%- % 

OneBc 32 

7 207 

1 B% 

171, 

«% 

OpttcC 

43 

237 

IB?, 

«% 

w% 

OpUcR 

27 

757 

27% 

26% 

*to- % ! 

Oracles 

701236 

^* 

24 

M%+ to 

Orbit 

13 

182 

ID 

10 

OshBA 04 

25 

191 

fid* 

78% 

79+1* 

QshkTB 30 

TO 

163 

29% 

201 * 

st;s 

OttrTP 202 

12 

no 

43% 

421* 

OwenMn02 

15 

253 

19% 

19% 

«%+ % 


P o 


PACE 

64 

B% 

6 % 

6 % 

PCS 

S3 103 

26% 

28 

281® + % 

PNC 108 

11230B 

40% 

40% 

48% - % 

PacarLBOo 

201149 

80% 

68 

69 + % 

PacF»0Oe 

52594 

22 % 

217® 

22 %+ % 

Pantera 

48 889 

14% 

13% 

M - to 

Parisan 

IS 190 

20 

19% 

19%- % 

Paid Hr 

22 175 

24 

23% 

23% 

‘■Payilih* - ■ 

«r azr as% 

251* 

'25%+ to* 

Pa yen . 

31 23 

13% 

13 

w - % 

PegCBd 

602310 

TO% 


171* -1% 

Ponbca 08 

13 203 

301, 

» 

30% 

Pantalr 00 

19 337 

27% 

Z7% 

27%+ % 

Penwat 

10 276 i»OV 

41% 

42 + % 

PeoBnC 1 

60 50 

88 % 

68 

68% - f® 

PeopHrtOOa 

311 

21 

20 % 

207,- 

PSBMasXO 

138 

16% 

16% 

W% - % 

DawlIM 

ruuifsi 

47 

27i® 

267® 

27 

PercTc 

28 86 

17% 

17 

17% +1 

Parp8B 

7 124 

12 % 

12 % 

’2» + % 

PeMtB 1.12 

28 01 

35% 

34% 

34% 

Phrmet 

12Z77 

6 % d 5% 

5%- % 

Phrtnd.15a 

31 251 

24% 

24% 

24% 

Phnxflo 

66 

13 

111 ® 

11 % - % 

PlcSara 

24 375 

24% 

24%- % 

PicCtrls .48 

16 262 

20 *« 

«% 

2D 

PlonHI 104 

IS 200 

35 

34% 

35 

PtyPve 

23 

12 % 

12*4 

«%- % 

PIcyMg 

30 196 

27% 

271® 

27% 

Pore* ,10a 

10 198 

35 

34% 

3*to+ to 

Poasha 

59 

1SU 

13% 

13% + % 

PoughSv.lOe 

7 43 

15% 

15 

15% 

PrircCM 00 

28 946 

34% 

331* 

34% +11* 

PraaUs 08 

B 74 

17% 

17 

17%+ % 

PrsinCp 00 

16 262 

10 

17 

17 -1% 

Priam 

6380 u 5** 

Si 

5>®+ % 

PriceCo 

342768 

481* 

46% — 1 

PraoTR 

TO 31 

371* 

an® 

37% 

PrinvO,16b 

64 27 

11 

107® 

107® 

ProsGp 

923 

101 ® 

97® 

w 

ProttJe .70 

10 76 

14% 

Ml® 

Mto- 1® 

PrvUe 04 

6 96 

21 

20 % 

2 i + % 

PgStffla .72 

11 64 

Z7 

261, 

26% 

PutaPb AO 

37 228 

421* 

41% 

42 - % 

PuritBs 

24 353u2B% 

26% 

26 

PyrmT 

237 

11 % 

10 % 

11 % - % 

QMedS 

1714 

11 

10 % 

W%- % 

CJVC 

616 

10 % 

W* 

10 % 

Ouadnt 

1074 

8 % 

6 % 

8 %+ % 

Quanbn 

194751 

10 % 

w% 

17% - % 

Ouilalv 

20 371 

12 

11 % 

11 % + % 

Quote 

532 

15% 

M% 

M%- % 


Sack 

Srin 

Hgh law 

£ 

J 


0M0 




l 

I P 

l 


RPM -72 

20 2W 

21 

=3 

21 

RadSys 

14 3SB 

9% 

9% — to 

Rainer 1.16 

IS 466uS3to 

52% 

53 + % 

Ragyag 

17 844 

10% 

10 

10% 

RgcyQ 20 

739 

3%, 

57, 

6%+ % 

Regina 

31 25DU41% 

40% 

41% +1 

RntCtra 

312548 

21% 

20% 

21 - to 

Rnplgn 

179 

201® 

IBto 

19to“ % 

RepAm.20n 

10 423 

17 

16% 

167®+ % 

flaubHXBe 

1844 

00 

79% 

79% -2% 

Reran 

20 245 

10% 

101® 

101® 


15 610 
72 

33% 

32 

33% 

31% 

33% 

RMo 

826 

97® 

6% 

RchmHI 

182 

15% 

W® 

19% 

RiggiNri.10 

11 61 

2* 

27% 

37%+ % 

RaadSvl.10 

211123 

37% 

37 

RochCS 

172 

13% 

13% 

13% 

RgrCbA 

RaunFd 

57 

375 

16 oS 

w% 

9% 

1 wt+ % 

RoraB, IBs 

IS 383 

19% 

TO 

D33®+ % 

Ho3pfch-15) 

112 

191* 

TO 

19%+ % 

RossStr 

653 

B% 

0 

8 

Rouns 

40 232 

241® 

23% 

24 

Ryanfto 

S7 963 

< 

14 

3 S 

13% 

13% - % 

SCI Sys 

36 1768 ' 

20% 

10% 

20% + 1% 

8C0RU 

10 568 

14% 

W)® 

14% 

BE) 

220 

33*® 

821® 

33% +1 

SHL Sya 

gWQR 

10% 

19% 

19%+ % 

3KFAB1.470 

66... 

5 &- 

64% 

$4% . . 

.BPIPb .07 

27 

& 

9% > 

SabMa on 

1772 

32 

31% -T 

Satacda 2A 

230754 

21% 

101® 

2D -1% 

Satraoa 06 

83539 

32% 

31% 

32 

SaoeStt 

40 387 

17% 

17 

17 - to 

BUndes 

16 928 

231® 

227, 

a-* 

apsuisl.78 

112407 

40 

V. 

SalCpt 

ID 16 

10*® 

ID - % 

Salick 

21 37 

11% 

11% 

11% “ % 

8FFtf( 

■ 91 

17% 

17 

t7 - to 

Sanfrds 

24 2831(20 

271* 


ScanTra 

17 50 

12 

11% 

Scherer 32 

24 279 

19% 

19 

w%+ to 

Scholas 

16 

441® 

*4% 

441®- % 

SchlAs M 

18 242 

31% 

30% 

307,- % 

Scknds 

265687 

13% 

13 

13% - to 

SdMic 

104180 

6% 

6 

61® 

ScotCh 

150 

25% 

25% 

25% 

Seagate 

17 7456 

391® 

30% 

38% - % 

SeamF 

460 

25% 

25 

25-1® 

SEEQb 

39 

9% 

0% 

91® - % 

SetcOna SB 

12 26B 

26% 

25% 

26 - % 

Sanaar 05 

29 502 

1(7, 

n% 

11% 

SucMer JIB 

7127 

7% 

7 

7%+ % 

BuOek .18 

M 116 

121® 

12% 

12% 

Slii Med .72 

21 1754 

27% 

26% 

27% +1 

Shwmt 204 

9 496 

47 

48% 

46% 

Shukfla 

27 27 

«% 

Sto 

9%+ to 

Shonaya .16 

34 2868 

»% 

26% 

20to+ % 

Shorwri 

213 

16% 

17% 

17% - % 

StfpnAI 28 

32 320 

46*® 

45% 

45% 

SigmDo 

21 121 

16 

M 

1£% + % 

BHenGr 

58 387 

31% 

20% 

20% - % 

Silicons 

23 146 

10% 

TO 

TO - % 

Bfllcnx 

25 649 

11% 

10% 

11%+ % 
5»®+ to 

SflvLta 

190 04 

57® 

5% 

StvCtMn 

421721 

2% 27-16 

2% -VI' 

SimAir 

7 54 

s% 

8% 

9% — % 

Sizlare 

27 212 

21% 

21 

21% + % 

SmthFa 

11 116 

21*« 

20% 

21 - to 

Sodefysl-20 

10 260 

34% 

33% 

33% -1 

SoctySv 08 

12 202 

23 

22 

22%+ % 

SOflWA 

19 130 

14% 

«% 

>3%- > 

SftwPb 

24 634 

10% 

9% 

io% — % 


Stack 

Safci 

HjBb tnr last Qmoi 


(Matt 



SomrSv 

17 

13% 

13 

13 - % 

Pnftilf fts 
dunOCrll 

21 782 

28% 

28*« 

28% 

SCarNa 0B 

11 131 

23% 

22% 

227®- % 

Sound 

27 54 

V, 

20 

20% 

StftdFn 

799 

8 

6% - % 

Soutrst 00 

10 239 

23% 

22% 

23 + % 

Sovran 105 

10 805 

36% 

367® 

357® 

Speedy 

SO 128 

44% 

44% 

44% - to 

StdMIc 

383 

13% 

131, 

13% + to 

striRaga M 

19 1035 

22% 

22 

221® 

StrptSv1.43l 

361 

M3® 

M', 

M%+ 1® 

Stars 

215 

11% 

11% 

11% 

StnStQs .44 

15 1278 

31% 

30% 

30%-% 

Btrflne 

15 18u24% 

24 

24%+ % 

Starinf 06 

9 61 

19% 

Ml* 

191* 

Stratus 

51 1543 

» 

37 

371* - % 

SewbQXSb 

15 10 

45% 

44% 

45% + % 

Seykra 

85 200 

25 

24% 

24% - % 

SmdLvt 

264 

68% 

87% 

68%+ % 

Subaru 08 

64146 

u<« 

127® 

127®- % 

SuflFm 00 

14 10 

15 

15 

15-1* 

Sum OB 02 

M 23 

291® 

29 

29 

SunGrd 

63 

181* 

16 

101*+ % 

SunMIc 

403505 

41% 

387® 

407,- % 

SymbT 

54 302 

301® 

29% 

30 + 1® 

Symbfic 

TO7B 

4% 

4% 

41* 

Syatm 

11 152 

11% 

107® 

11%+ % 

Syslntg 

13 9 

67® 

»% 

8%+ % 

SyGoitw 

13 

18% 

18% 

Wto - % 

Systmt .12 

27 53 

27 

26% 

26% 



r t 


TBCe 

14 64 

131® 

13 

13%+ »® 

TCA :• M 

135 Wto 

23% 

241® 

1 TCSYa 

43 505 

17% 

16% 

17 - % 

TCF 

5 182 

12% 

12% 

«%+ to 

TMK 0O« 

14 03 

12% 

t2»® 

12% — % 

TP1 En 

1381 

5% 

5 

51® 

TS Mda 

100906 

22 

21% 

22 

TSO 

TO 258 

10 

9% 

10 + % 

TaJmon 

263 

11% 

■a 

11% - % 

Tandan 

92775 

5% 

Sto- % 

Taunton. 12» 

52 

M% 

141* 

Mto -to 

TchDoa 

24 74 

«% 

13% 

13% + to 

Taknwd 

259 282 

18% 

18 

18% - % 

TTcmAa 

352792 

37% 

38% 

371,- % 

TTCmwl 

10 

55% 

55** 

55% - % 

TefcrrfB 04 

461 

38% 

37% 

38% “ % 

Toknatc 

179 

15% 

HE* 

15%+ to 

Toiaba 

20 303 

12% 


121,+ % 

Tehcon 01 b 

29 702 

251® 

24% 

25 + % 

Tennant 06 

17 119 

30 

28% 

291® + % 

3Com 

26 5744 

18% 

16% 

101® +1% 

TokloFB 

91 68 

80% 

797, 

00 -4% 

TopMM 

23 442 

33% 

331® 

33% 

TmUua 

Trnwck 

28 165(07% 
38 80 M% 

’S. 

sr* 

TriStar 

416 

10% 

10 

10% 

TriadSy 

251029 

13 

17% 

12% 

Trfmed 1 

170 

16% 

16% 

16%+ to 

TruaJes 

16 255 

19% 

181® 

191.+ l® 

Tancp 108 

106 

30 

29% 

30 + % , 

ZDCnto 02 

16 488 

22% 

21% 

22 + % 

TycoTy 

11 558 

12 

11% 

117® 

Tysons 

T0 1528 

18% 

18 

18 - % 


U U 



UTL 

24 M4 

16% 

15% 

W%+ 1® 

Unarm 

694705 

M% 

13% 

137,- % 

UnM 

18 404 

15i® 

15 

151*+ % 

UnFadl 00 

4 102 

«% 

19% 

19% + % 

UnPHr0Oe 

15 660 

35% 

34% 

34%+ 1® 

UnWam 

22 105 

47% 

47 

47 - % 

UACm JM 

172 3937*12712 26)® 

27% + % 

UBCol 108 

11 413 

20*® 

19% 

19%- 7, 

UnCoaF 00 

6 7 

18% 

10 

18i® 

UHHCr 

16 364 

6 

5% 

5% 

UtdSna 72 

6 368 

27 

2B% 

27 + to 


Stack 

seat 

MU bar 

IM Ckag 




US Bos 0911 451 

28% 

27% 

» + % 

US HRC.Ifl 101835 

12% 

12% 

a + * 

US Bur AO 24 374 

80% 

30% 

US T n 1 

12 79 

37 

38% 

38% 

UStttn 04 

19 47 

«to 

17% 

17% — % 

UVaBk 1.04 

11 372 

32 

31’® 

31% - to 

Umfra 

17 191 

17% 

17% 

17%+ to 

UmH»03a 

19 263 

7% 

7% 

7% + % 


V V 



VBand 

28 91 

29% 

29 

29%+ % 

VU 

922 

+% 

4% 

4*4 

VLSI 

298 696 

M7, 

14% 

M%+ % 

VM GEU 

33 267 

26 

25% 

20 

vaudLg 

2G982B 

5% 

5% 

6%+ to 

vaiFSs 

* 6 388 

16% 

w% 

Wto + % 

vaiwi 1X4 

8 329 

40% 

* 

40% - to 

Vtoorp 

1110 

9% 

9%- % 

VieaiMs 

20 GO 

Wto 

IS 

15 

VBtIng 

13 221 

Wto 

17% 

W + to 

Vlpont 

99 889 

177® 

17 

17%+ % 

Viratka 

1008 

llto 

11 

11'4 

Volvo I03e 

123 

49% 

49% 

40% — % 


W W 


WD 40 102a 

22 143 

33% 

33% 

SSI® 

Walbro .40 

11 159 

21to 

20% 

21to+ % 

WahSv .14a 

32 

12% 

12% 

«% 

Warren 

17 

% 

Wto 

10% 

WashEa10B 

7 371 

*8% 

«%- % 

WFSLa 03 

8 97 

28% 

2 7% 

28%+ % 

WNSBa .40 

61152 

36% 

35 

361* +1% 

WatrfGl.40e 

M 155 

18% 

Wto 

Wl® - % 

VYatOlmLOfle 

19 144 

*1% 

20% 

21to+ % 

WauuP .48 

12 158 

30% 

23% 

29% — to 

WMF, 

282 

12% 

121, 

e%- % 

WeKrfh 

15 17 

31% 

SM. 

31% - to 

wesKp 

4 

Sto 

8% 

£to „ 

WatAut 

24 480 

10% 

10 

10%+ to 

WstCap 

WstFSLIOe 

9 150 
4 43 

15 

20% 

Mto 

20% 

15+1® 
20%+ to 

WnWMa 

24 23 

221* 

21% 

22 - to 

WunPb 

171509 

M% 

14i« 

M% ♦ to 

WlTIA 

13 179 

101® 

18 

Wto 

Wsftnrk 

2195 

22% 

21% 

22%+ % 

WmoiC 00 

20 210 

23% 

23 

231® 

WatwQs 

39 Ml 

27% 

281® 

sm 

WettralJMb 

17 196 

491® 

48 

WHyJA 1.10 

34 255 

40 

36% 

40 

WHIamn J» 

14 961 

40 

48% 

49%- to 

WUIAL 

15 959 

187® 

10% 

«7,+ % 

WH8FS 

18 

141® 

13% 

W%- % 
»%+ % 

WihrtTg .72 

14 29 

29% 

29 

WltanF 

M 348 

10 

9% 

TO 

Wlndmr 

W 349 

W% 

M 

n> 

WtaarO AO 

183436 

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38 


•r • -■* 


Financial Times Monday June 22 KJ87 


EXCHANGE 



12 

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Continued 


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on Page 39 



) 




tu 


Financial Times Monday June 22 1987 


NYSE COMPOSITE CLOSING PRICES 




12Mm* r/ a$ a 

Wgli law Sack IfeHj, t lOOsHigi. 

Continued from Page 38 

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M 8% 
547, 37 
7% 2 

19% 

54 
37, 

Iff, 

25% 


WotvrW 
WtwDi ,132 
WfldAr 
14% WildVIn 
39% WHgtyal.04 
1% WurHzr 
11 WylaUi .32 
16 Wynns .60 


153 12% 
215 15 2216 531? 
22 6% 
62 18 

£019 427 51% 
29 ff, 
TO 34 482 17% 
£8 13 96 TO, 


41% 41% 

12 % 12 % 

53% 52% -1 
ff, 6% +% 
18 18 
51 51 -% 

2*, ff, +1, 

TO, TO, +% 
18 18 


X V z 

48% Xerox 3 £819 3594 79% 791, 79% +% 

54% Xerox ptt.45 TO 10 55 64% Sff, 

21% XTRA .64 £4 678 28% ' 

15 Yorfdn “ 

2% Zapata 

437, 20% Zayre A0 

M% 9% Zemex .40 

29% TO, ZerathE 

17% 8 Zen Lab 

TO; 12% Zero .38 £2 17 627 16% 

‘ 32% Zurntn 1.36 £7 18 610 51% 

8% Zwetg n.10, 1.1 1241 ff. 


81% 

56% 

28% 

26% 

6 


3 


257, 261, +% 

17 Ml 26% 26% 26% 

1570 «% 4>, 4% -I, 

1.4 18 432B 29% 29% 29% +% 

£2 8 5 12% 12% -% 

1577 28% 277, 281, 

2299 11% 10% Iff, -% 

— — TO, iff, +% 

50% 50% -1, 

9 ff. 


Itaures ore uncfltaK. Yfcfffy Mghs and tows reflect die 
previous 52 weeks plus the otmnt week, but not the laleet 
TBtJng d sy. Where a spit or stock dvtdend amounting lo 26 
per cent or mom has bean paid, the year's htglMcxv range and 
dMdend are shown (or the new stock only. Unless otherwise 
noted, rites of iMdends ate emus) disbursements based on 
tie latest dactaradon. 

s-<Mdand ate extrafs). b-annuel rets of Addend plus 
stock dMdend. oBqubtaifeig dMdend. dd-catet d-nsw yearly 
low. e-dMdend declared or pakt In preceding 12 months. 9- 
tfivrdend In Carwdtan funds, staiject to 15% norwesldence tsx. 
KBvtdend declared alter spstup or stock dMdend. t-dMdend 
paid this yaw. omitted, deferred, or no action taken at latest 
(Mdend meedR0.k-«8<ridend declared or peldthb year, an ac- 
cumiffive Issue wflh Artderds In aneera. n-naw Issue In the 
past 52 weeks. The high-low range begins with the start of 
trading, nd-nexi day defvery. PTE-price-earnlnga ratio. r-Art- 
fienddactaradorpaidlnpranding 12 months, p£a slock Art- 
pend. s-stock spH. DMdend* begin with dale ot spK. sis - 
sffes. t-Artdend paid in stock ki precstSng 12 months. asS- 
hared cash value on ex-dMdend or ex-dtatrtbutton date, th- 
rew yearly high, v-traefing halted. v*-ln bankruptcy or receiver- 
ship or befeig reorganised under the Bankruptcy Act. or secu- 
Httas assumed t » such comperBss. wd-dtatrtbutsd. wfwhsn 
Issued, wwwtth warrants, x-ex-rtvidsre or ex -rights, xdb-ex- 
dtabh uMon. xwnskhout warranta. y-ax-Artdsnd and sales In- 
fu£ yW-yWd. z-staes in fti£ 



Special Subscription 


hand delivery service 


of the FINANCIAL TIMES now available in 


OS LO /' S TAVA N G t R & BERG 


You can obtain your subscription copy of the Financial Tunes, personally hand-delivered 
to your office in the centre of the cities indicated, for further details contact: 

K Mikael Heinio Financial Time* Scandinavia or Marianne Hoffmann 

MOnenudde DK-tOOQ Copenhagen NarvesenASOsio 

De»uT«*^>t3«44i Norway ~fel- (2)684020 


AMEX COMPOSITE CLOSING PRICES 


39 


Closing prices. 

June 19 


?t Sts 

Stack n* E lOQs High tow 


On Cknga 


ACIfrt 1.20 

ATSE 

Acton 

AdRusB 

AlbaW 

Alpha in 
Alia 

Amdahl 20 
Ateraal 3te 
A Ms, A .52 
AUBId 
APotf 

rProca SB 
AmRoyi.iia 
ASdE 

Am pal £8 

Andol 

AncUcb 

AirCmn 

Arnam 

Afinug 20 

Aatrotc 

Ala Hn 
Aiarlwl 
AltaCM 
Altaswf 


63 14% 

40 2 21 
541 37 a 

263580 34% 
11 73 6% 

396 97, 

ISO 1538 39% 
291642 38 
10 1 26% 
9 150 19% 
56 31- 

22 9 59% 

68 22 15% 

5 33 9% 

238 21 

4 28 

3 2 

48 
16 
10 

1251 10 

64 11-16 

23 470 30 

18 15 
73 1% 

6 S% 


Mt : 

20' 

34, 


a-% 

3% 

33', 34%+ % 
8% 8% 

6% B%+ 7, 

36% 39%+ % 

3ff, 37 - % 
26% 28%-% 
Iff, Iff, - % 

3% 

59% - % 


si* 


15% 15% - % 


4% 

2 

7% 

2 

7), 

3 


9% 

4% 

»% 

7% 

2 

3^ 

9% 

% 

U% 

1% 

BS, 


BAT 238 
Bansrg 
BaryftG 
Barucn 
BergBr 32 
BleCp .72 
BlgV 22 j 

BtnkMf 1 
EUockE 
BiouruA .45 
BowVal.lOr 
Bovrmr 
Bownes 25 
Brscng 36 


CDt 

CM1 Cp 

Calprop.901 

Cameo .44 

CMsrcg 28 

Com pH 

ChmpPs 40 

CMUdA 24 

OKDvg 

Court nc 

CmpCti 

Cnchm AO a 

ConcdF 

ConsOG 

Constn 

Crosss 

CmCP 

CiCPB 

CwCP(rt1.92 

CwCpfD£2S 

Cubic 38 

Curlics 1.04 

Cirafn 

Di Ind 
DWG 


20 


B B 

12 931 9 11-16 99-16 

35 u 9% 9% 

10 147 7% 71, 

11 a 0 

20 77 2«% 24% 

13 79 77% 26% 

19 139 20% 20% 
12 2 29% 29% 

28 1256 4% 4 

21 85 16% Iff, 

84 137, 133, 

7 2% 21? 

16 291 Iff, 19% 
191 26% 257? 

c c 

3 347, 34 
41 4 37, 

12 34 9% ff, 

41 97 24 23% 

74 15% 147, 

112819-16 1% 

21 35 u35% 35 

19 1038 3ff, 29% 
345 Iff, Iff, 
121 127, 12% 

37 412 9% 9% 

14 15 2ff, 25), 

23 1t% 11% 

80 2% 2% 

10 60 e% 9% 

24 719 331, 3?% 
20 167, 16% 

1 14% M% 

11 20, 26i- 

32 25% 247, 

38 214 20% 19% 

14 17 367, 36% 

441 2% 2% 

O D 

52 1 % 1 % 

739 6% 5% 


9% 

4% 

17# 

7% 

2+% 

7), 

3 - % 
10 

% 

29% + 1% 
15 +1 
1*4 

6),- % 


99-16-3- 

9% 

7%+ % 

2«%+ % 
27%+ % 
20% 

29% 

4% 

16% - % 
137, + % 
2% 

19% - % 
26%+ % 


34 - % 
4 

8%- % 
24 + % 
15%+ % 
1% 

SS%+ % 
30 - % 
107, 

12',- % 
ff, - 
25%+ % 
11',+ % 

9% — % 

33 

16% - % 
M% 

26% — % 
25-% 
20% + 7, 
3ffa 

21,- % 
1% 

6 - % 


Stack Dnr 

Damson 
DotaPd .18 
Deknod 
Dillard .12 
Drades 
OomeP 
Domlrs JO 
Ducom J20 

EAC 
EaffCI 
EstnCo 1 
EctaBs .M 
EeolEn 
Ebmor 
EmpAnOBe 
EntMks 
Espcy A0 

Fsbkid .60 
FUata 
FAusPrl OBe 

RschP £11 
vjFlanlg 
Fluke 12« 
FtniDG 
ForstL 
FreqEl 
FnntLn 
FurVU £0 

GT1 
Gat Ljt 
OlamF £6 
GmYlg 
Claims £6 

Glnmr 1b 

Old Fid 
GmdAu 
GHLkC £0 
Grsmns 
GnfChS .42 
GifCda £2 

Hafrrrt 

Hamptll.371 

HrdRkiLOBs 

Harteyn 

Harptn 

Hasbrs .08 

HMhCn 

Hltvst 1£1 

He mo .10 

MerrtEn 

HarahO 

HollyCp 

HmeShc 

Honyben 

HormataJO 

HmHlr 

HouOT .02) 

HovnEs 


p f ^ 

E 100* l&gh Lee tte Or* 


8489 % 1, 

27 418 117, 11% 

396 1% 1 t-tfl 

21 1557 u51% 50 

8 3% 3 

1991 7, 13-16 

459 14% i«, 

11 IS* 13% 12% 

E E 

2 71, 7 

45 V, IS, 
13 15 2S3, 25% 

1194 36% 347, 

30 20% 20% 
55 2% 2% 

7 466 5% 5% 

33 372 9% 9% 

16 11 20% 20% 

F F 

12 1 35 35 

101 7 6% 

11SB 8% 8% 

98 16S 14 133, 

7 19 5% 5% 

22 69 28% 28% 

13 62 «% 6% 

36 444 277, 27% 

20 99 271? 27% 

1511 8% 6% 

15 722 7% 71; 

G G 

547u10% ff, 
235 5% 5% 

22 541 u3S 34 
18 87 16% 15% 

18 34 31), 31% 

39 35% 34% 
417 7, 3, 

140 53 16% IBi, 
27 817 58% 56% 
129 10% Iff? 
M 8 143, 14% 

1912711 22 21% 

H H 

16 96 3% 3% 

9 1 ID, 11% 

108 11% 10% 
13 685 Iff, 19% 
17 8 7% 

152177 25% 24% 
94 24 10% Iff, 
82 20% 2D% 

7 21 26% 277, 

8 31 8% 8% 

30 6 5% 

8 9 15 14*» 

496197 2ff? iff, 
26 51 12% 12% 

24 325 21% 21% 
487 TO, 12% 
2 354 1% 1% 

TO 257 14% 137, 


&-1G 

11% - % 

1 1-16 -VII 
50% +1% 

3% 

% 

14% + % 
Iff*- 7, 

7i,+ % 
1% 

2S% + % 
35% - % 
20% 

2*2 

5% - % 
9% — % 

201; + I, 

35 + % 
«£■ 

13% - % 
5% — % 

■a-* >. 

£77, 

27%+ 1, 
8% 

7% — % 

9%+ 7# 
5% 

35 + % 
Iff,- % 
31%+ % 
31% - % 
1316 +1-U 
t6% 

587, +27 B 
107,+ % 
14% - 1, 
21% - % 

3% 

11% - % 
11 - % 
18% - l? 

8 

25 

10% - % 
20% — % 
27% - % 
8% 

6 + % 
15 + % 
19% - % 
>2% + % 
21% - % 
12% - % 


EH 8 495 14% 13% M + % 

ISS .16 19 10 ff, 6% ff, + % 
lmpOlfgl.60 687 54% S3 54% + 1% 
InstSy 13 231 2i, 2% 2% — % 

InsSypi .251 7 3 27, 2'g- % 


Stack Dw 

*1*997 -50a 
IrrtCryg .00 
mtrmk .10 
inigknt 
IroqBrd 


Jalron .771 
JolmPd 
Jonnlnd 
KayCp .1? 

KeyCoA_20e 

Klnark 

Kirby 

Koge(C£40 


LaBorg 

LdmkSv £0 

Laser 

LoePhs 

LabufT 

Ltaiima 

Llllyun 
Uonal 
Lor Tel 
Lumax .06 
LynreC SO 


MCO Hd 
MCO Rs 
MSI Dl 
MditP .12 
Malftsh 
MarSd 
Mam* 
Madias 
Mdoora 
Mem 30 
MlchStr 
MictrtE 24 


P/ Sb 

E 100* Hqb 


Low Dm* Chuff 


12 353 7 G% 

24 4 14% 14% 

53 28 12% 12% 

560 4), 4% 

9 93 32% 31 

J K 

20 33 5 47, 

2S9 3% 2% 

8 66 20 Iff? 

S 29 13% 13% 

47 5 3% 33, 

15 24 4 

218 4% 


4 

4% 


124 118 32% 32% 

L L 


6%+ % 
14% 

TO, - % 
«%- % 
31 -1% 

5 

2%- % 
Iff? 

’sr* 

4 

4%+ % 

32% - % 


1% 

6 2 9 % 

18 72 14% 

5 98 G% 

9 138 B 
28 97 3% 

78 2% 

15 59S 0% 

IB 2444 TO, 16% 
11 96 15% 14), 

38 6 23% 23% 


1% 

ff, 

W% 

6% 

7% 

3% 

B 3 ! 


M 


M 

2 15 
346 9-16 
35 88 IT*, 

40 29 19% 

110 10 
17 9? 2fl- 

163117 Iff, 

55 719 35% 

26 53 37, 

16 9 17% 17% 

21 125U 7), 7% 
83 178 15 14% 


15 

% 

171- 

19 

9% 

27% 

«% 

34% 

3% 


MVHirs.061 15 129 
NtP&mt .10 598 

NMxAr 10 M 

NPiec 1.18a 14 22 

NWtdP 8 187 

NVTma536 26 16*8 
NswbC -25r 20 

NCdOG 260 5 

NudDr 63 

Kumac 34 213 


N N 
10), 10% 
15a, <5 
28% 28 
27% 27 

II 10% 
4ff, 47% 
% % 
13% 13 

3% 3% 

7», 7% 


OEA 

OduA 

OOtaep 

PallCps 34 

PerimC 30 

P*tastn60e 

PtrtlLD -24e 

PlonrSy 

PmvoylBO 

PTcrOgs 

Pop «ev 

PrasdB 

PresdA £8 

PrcCm* 


O P Q 

15 34 24', iss. 

170 50 6% 8% 

21 12 11 % 
24 1673 297, 29% 
19 62 31 30*, 

42 24 14 14 

6 414 297, 28% 

22 2 % 21 , 

16 15 113% 112% 
IS 938 15% IS 

41 2% 2 

138250 5% 5% 

97 5% S% 

68 12), 12% 


sr- i 

’3-, 

7% — % 
3% 

2 %+ % 

9+1, 
17%+ % 
151,+ % 
23%- % 


15 

9-15 

17),+ % 
18 - 1, 
10 + % 
21% 

10%+ % 
35 + % 

3%- % 
17%-% 

15‘ + % 


103, 

15% - % 
107, 

48% - 1, 

i- 


24%+ % 
ff;- % 
11% - % 
297,+ % 
31 - 1, 

14 

2ff?- 7, 
2% - % 
1TO?- % 

2 

Si- + % 
Sv. + % 
12), + % 


Stack Oh 


9/ Sb 
E 100s High 


IffOoN Ctaff 


R R 

Raoan .12 96 17% 17% 17% -1% 

Ransbg .72 x239 15% W% 15% + % 

Reart A 711278 57% 56% 56», - % 
RstAoB 8 17 11% 11% 11% - % 

RslAsA£0a 8 21 9% 9% 9% 

Rogers .12 29 65 g% 24% 24% - % 

Rudicfe £2a 12 46 18% 17% 18 - % 


SJW 1£8 11 
Saga 

SUoaGn.BSe 

Salem 

Scnelb £0 

SoaCp £0 

SecCap .06) 

SlknsA SB 

Sol Ur on 

SpadOP 

StHavn 

Stanwd 

SrcrtB 

StartSIt 

StrutW 

SynaJoy 


TIE 

Til 

TabPnf 20 

TandBr 

TctiAm 

TechTp 

Tafsa 

Tetasph 

TmpTEn 

TexAIr 

ToUPlg -40 

TriSM 

TubUex 


Ultra £8a 
UnVlyn 
UFoodA .10 
UFoodB 
UnvPat 

VlAmC .40b 

VtRch 

Vomit 

Venpie 

WTC 

WnngB .16 

WongC .11 

WshPst 12B 

Wltrtrd 

Wetora 23 

WeUAm 

WetGrd 

WDIglrt 

WhrEna 

Wichita 

Wkdies 

Wdstrs 28 

Woithn 


19 
1 

89 80 

18 

18 3 

7 20 
9 

17 2 

18 176 

5 

6 

21 168 
175 2 
13 BO 
10 
27 


S S 

37% 37% 
ff, 87, 
151, 14% 

5% 5% 

16% 18% 
123 120% 

5 47, 

28 28 

r* ? 

41, 4% 

14% 13 

1% 1% 
10% »% 
1% 1% 
4% 4% 

T T 



292 

<% 

4% 

7 

45 

6% 

6% 

17 

77 

17% 

17 

35 

95U17 

Iff, 


1 

3% 

3% 

M 

16 

6% 

ff. 


12 

2% 

2% 


580 

2', 

8% 


5Z7 

ff, 

91? 

1X7 

36% 

X% 

76 

200 

a?, 

20% 


37%- % 

ff, 

15% 

s%- % 

1B% 

1Z3 +2% 
5 
73 

r* 

^=i5 

«« 

’i 


s 

1ffJ+ 14 

ff; 

6% 

2% 

2',+ % 
ff?- % 
36% - % 


6 20 17% 17 17%+ % 


191 

4% 

4% 

4% 


u u 


349 

117, 

11% 

1«1 

31 

10% 

10 

10 

148 

ff; 

2% 

2% 

1 

31? 

2% 

2% 

27 

12% 

12% 

12% 


V w 



23% 


&TW 


13 100 24 
15 6% 

113 10% 10% 

4 15 ff, ~ 

32 402 7% 

2633 17 

4 17% 171, 

26 73 218 216 

56 2% 2% 

6 10 Iff, IS), 
63 3 27, 

319 77, 71, 

17 1422 277, 267, 
19 509 ff a 6% 

15 1% 1 

8 3280 4), 41; 

16 17 10% 10% 

68 6% 77, 

X Y 

247 3% 


53, 

7% 

16% 


z 

3% 


23% — % 

6% 

10% - % 
5% — % 
7%+ % 
16% 

171,+ % 
£16 +1 
2%+ H 
16% 

3 

7% — % 
27%+!% 
6%+ % 
1 

4% “ % 
Iff; + % 
8 - % 

3% - % 


OVER-THE-COUNTER Nasdaq national market. Closing prices. June 19 


Stack 

ADC 

ASX 

AST 

AbmgS 

AaARt 

Actmds 

Aasn 

Adapt 

Adas .10 

AdobSs 

AdvTol 

AdvoSy 

AflBsh 

Agcyfls t 

Agnicog SO 

AliWtsc 

Alafdb.101 

AfcoHtt 

AtaxBra 

Ala, Bid 1-38 

All Am 

AUegBv 

Ah tan! 

Abd Bn 
Attos 

Amcast .44 
AWAJrl 
ABnkr £0 
AmCarr 
A Contis 
AGnwt £6 
AmlnU .« 
AM 93 

ANllns 1£2 

ASvNY.SOs 

ASNT[X1£1 

ASotta .12 

ATvCm 

AmRFd 

Amritrs 

Amgan 

AmskBk£4 

AMRE 

Amvst SO 

Anloglc 

AndvSv.45e 

Andrew 

Airifecs £0 

ApogEs .12 

ApotoC 

AppIBk 

ApotaOs 

ABIoscI 

ApIdBio 

ApldMI 

Archive 

ArgoGp 

ArpoSy 

Amch 

Armor £0a 

Ashtons 

AdGLtal.BO 

AUHn 2 6 

AH Res 

AOSeAr 

Autodks 

Avnieh 

BS .06e 
Bfllntec 
BalrdC 
BafcrFn la 
BafcrJs .06 
BldLyB 20 
BaJBcps .40 
BnPncs120 
BnPop 132 
BcpHw 1£0 
Banctac 
BKME 124 
Bn* arts AS 
BnkgCtr 
Banfcvt 20c 
Bama 44 
Barrts 
BseiF £08 
BatfMi .10 
BayVW 
BayTOal.44 
BaauttC 


Saks High law last Oma 
IMnM 

17 7M 34 23% 2ff-+ % 

23 624 13% 12% 127,- % 

13 616 153, 15% 15% 

156 15% 14% 15 - % 

8 15% 16 16%+ % 

59 254 27 29% 27 

39 1218 Iff, 18 18% + % 

16 B33 14 13 13 -1 

27 317 22% 22% 22% + % 

63 648 38 36% 37 - % 

25 774 22*« 21% 21% - % 

2155 9% 83, 9% + % 

20 104 12% 12% 12% 

27 267 23% 23% 23% - % 

242 24 33% 237,+ % 

71 10% 10% 10%+ % 

5 £53 17% 17% 171? + % 

16 62 Iff, 19% 19% — % 

14 204 22% 21% 221, 

15 966 57% 56% 57 

47 241 TO, 17% 17%+ % 

1000 12% 12% 121? 

£1 81 31% 31% 31%+ % 

1154 9% 0 9-% 

213544 11% 11% 11%+ % 

11 406 11% 11 11 - % 

3355 9 8% 8% — % 

6 554 13% 12% Iff, + % 

13 77 10 9% ff,- % 

6 37 9 8% B% — % 

141841 27% 28% 26%+ % 

9 206 TO, 12 12 - % 

26 460 t6 17% 177,+ % 

5 17 351, 35% 35% 

5 194 16 7 , 16% 18% 

37 21% 21 21 

18 6*7 15% Iff, 15%+ % 

88 112 25% 25% 25% + % 

<21 117, 11% 11% 

12 427 25% 25% 25% 

500 1185 40% 30% 40 + %' 

9 334 223, 22% 221; 

234 30% 29% 30% + % 

33 31 9% 9% ff; 

13 443 11% 11% 11%+ % 

48 19 18% » 

175 15% 15 15 - % 

15 152 21% 20% 21% ♦ % 

15 789 9", 9% 97,+ % 

514228 22 21% 21% 

10 S3 S3 32% 32% — % 

34 11224 41% 40% 41 - % 

422 15 14% 15 

33 410 25% 24% 25%+ % 
874 22 21% 21% - % 

37 258 Iff, 6% 9% - % 

10 167 35% 34% 35 - % 

29 341 36% 39% 369, + % 

25 15% 15 15 - % 

20 225 Iff, Iff, 16 

176250 25 24% 24%+ % 

13 248 23', 23% 23% - % 

11 76 10% 10% 10',- % 

15 303 29% 28% 281,- % 

M 227 12% 11', 12% + % 

40 506 25 24 24% 

28 2157 Iff, 15% 15% - % 

B B 

<75 9 6% 87,+ % 

12 61 10), Iff, 10), + % 

22 40 15 M% 15 + % 

101 47), 47% 47% + % 

SO 480 13% 13 13 - % 

6 20 16% 18% 18% + % 

25 143 20% 19% 20%+ % 

7 6 30% 30% 30% 

8 6 33 33 S3 

11 93 55% 54% 54% 

IB B1 13% 13 13% + % 

62165 35% 34% 34% - % 

120 TO, 16% 18% - % 

259 13% 13% 13%+ 1, 

23 20 29% 29 29% + % 

15 268 203, 20% 20% — % 

8 125 15% 15% 15%+ % 

1® *0% 3», 39%-% 
442439 30% 201, 30%+ % 
5 66 14% 14% 14% - 1, 


9 185 41% 41 

11 156 8% 6% 


BtiJSv 

BenjSv 

Berkley 26 

BorkHa 

BessByx 

BetzLb 1JS2 

BevSvg 

BflBear t 

Blndly 

BioRes 

B logon 

Bkmrel 

BloTcG 

BirSlI 

BIckD £4b 
BichEn 
BoatBn 1.64 
BobEvs £6 
Bahama t 
BonviP 
Bosffics .60 
Bstnft .46 
Brantre.lOe 
Brand £6 
Brhwtg 
BdgCm 
Bmktnn 
Brunos .18 
BuikfT 
Brnhm .24 
BurrSS 
BMA l.U 
Buslnld 

CCC 

CDC 

CFS 

CML 

COMBs 

CHS .TO 

CUCtnl 

CbrySc120n 

Cadnix 

Caigene 

CalBio 

CalMic 

Canty .18 

CamBS 

Canon! 35a 

Canonie 

CrdrUD 06 

Carso rC 

Canute 

CarICm 

Casoyss 

CallCrne 

CntrBc 1£0 

Cenicof 

CtrtBX .19 b 

CarCOp 

CRaBk1.ee 

CiyCms 

Cetua 


12 63 

12 61 24 

13 256 12 


41 

- — - - 8% — % 
161043 M% Iff, M + % 

180 12% 12% 12%-% 

35 8% 77, 77,- % 

101393 291, 28% 281,-1 

306 1 3430 3370 3430 -SO 

13 332 12% TO, 12%+ 1, 

22 104 49% 49% 49% 

9% 8), 9%+ % 

23% 23%+ % 

11% 11',- i, 

256 4% 4 4% 

1200 11 10% 107, 

38 230 24% 2>n, an 4 

206 9% 8% 8%+ % 

17 843 23% 2ff, 23% - % 

14 28 291? 2g 20 

456 263, 25% 26% - % 

9 291 38% 37% 38 

26 454 28% 25% 25% - % 

11 269 20% 20% 20% 

241852 12 11% 11% 

6 169 247, 2ff, 24 - % 

12 101 2T 25% 27 + % 

13 51 17 15% 17 +1% 

41 601 2ff, 21% 22 + % 

801 6 7-16 6 1-16 6 3-16 - 3-1 

34 60 22), 221? 22% - % 
156 ff, 8% ff,+ % 

251246 18% 17% 18% +1 

19 180 22% 213, 21% 

20 446 22% 21% 22% + % 

37 72 11% 11 ii - % 

1801 35% 34% 35%+ % 

421009 12 11% 11% - % 

c c 

36 556 12 11% 117, 

SO 20% 20% 2C% + % 

13 46 20 20 20° 

19 342 28% 25% ZB% 

621176 21', 21% 21% - % 

21 264 24% 24% 24% - % 

211123 25% 24% 25%+ % 

20 556 431, 42>, «7,-1% 

38 635 15% 14% 15 

160 11 10% 11 

468 14% 13% 13%- % 

635 9% 9 9%+ % 

42 2 10 10 10 + % 

<870 12% 12% 121? 

18 160 32', 32% 32% + % 

41 186 31% 30% 31%+ % 

18 197 22 21% 22 + % 

22 244 10 9% 07, 

39 2084 20% 20 20 - % 

26 110 22% 22% 223. 

20 88 15% U7, 15%4 % 
1770 u29 37% 29% +1 

10 97 36% 37% 38% 

311 44% 43% 44 - % 

64 13 127, IS + % 

98 15 14% 15 + % 

11 27 30% 2S% 29% 

35 17% 17% 17% 

12429 32% 31% 31% + 7, 


Stadi 


ChrmSe .12 

Chnwta 

ChkPi 

Chemex 

Cherute 

Cheshre 

ChiChl 

ChDockJOe 

ChfAutS 

CtadWid 

Ctrtlts 

CttlpsTc 

Chiron 

Corner t 

CbrDwt 21 

ClnnFh 1£2 

CJnoss 

Cipher 

ClrdEx 

CtzSoCp 1 

CtzFGs £8 

CCS NY 

CtZU AS 

Ci typed .40 

ClyNCs £4 

C«yBcp1.12 

CtorkJ £8 

Cloth 

CoOpBk£2e 
Coasff 
ComSl 
CobeLb 
CocaBd £8 
Caaur I 
Cohamt 
Coiagns 
ColFffS 
CotaGp A0 
CoioNl 
Contests .12 
Cmcstsp .12 
Cmeric£20 
CmClr ISO 
CmcaU .72 
CmeFdl 
CmIShg JB 
ComS vg.12e 
CmpCrs 36 
CCTC 
Co epos 
CnCsp£40a 
CnsPap1£0 
COHme 
CD Mod 

Con tin 

CtrlRs 

Convgt 

Convex 

CoorsB £0 

Copytol 

Cordis 

CoreSt 1£6 

rnefftl 

CWTma 

CrzEds 

CreiFdl 

CrttGp £6 

Cronus 

CrosTr 

CrasUS .40 

Crosipl 1£1 

CwnSk 

CuUum £0 

Cyprus 

CypSem 

Cytogn 

DBA 

ONA PI 

DSC 

OauySy 

DmrtSlo 

DariGp .13 

Datord 24 

DtalO 

DtSwtch 

□aiscps 

DauphnlJS 

Dwcor 

Dayslns 

DebShs £0 

Dekalb 

DliWod 

Devon 

DtagPr 

Dlasonc 

Dicoon 

OigBCm 

Olffch 

DhneCT £0 

DhnsNY 

thonaxs 

DUieYr.281 

DlrGnl SO 

DomBs .72 

DrosBs 

Oraxlrs 

DroyGr 

OuaftJa24a 

DunkDn 32 

OugSys 

Duramd 

Durlron £6 

Dynscn 

DyteftC 

ELXS1 
EMC Cp 
ElPas 1£2 
Elans 
Elcoceta 
Ekamg 
Emulox 
Encore 

EngCnv 
EnFact 
Enseco 
ErRPub .10 
Envrdn 
EnvTrl 
BizBta t 
EqlBcp£0b 

EncTIIJOe 
EvnScit 
Excel Bc^Oe 
Excetn 
Eunrtr 

Expins 

FFBCpiOa 

FW> 

FarnMU 

FamSts 

FrmHm £0 

Famff 

FaiGpsl-20 

Fnllcr 1£2 

Fkllcrpl 

FkffTn.180 

F11thThlJ4 

FiggieB .78 

RflflleA £8 

FtnNws 

Rngmx 


Sate 

(Had!) 


Low tan Oog | Sack 


372S64u32% 31% 
68 889u25% 34 
21 151 11% 11% 
186 7% 7% 

32 305 21 20% 

• 230 19 d17T, 
SB, 7% 7 

111 30% 29% 
11 530 1S% 14% 

17 348 16), TO, 
28 810 34% 33 
1319 SB 26 
349 31 
218 Iff, 

30 583 IS 
11 19 65% 

16 7B 33% 
202426 12 
IB 496 11% 
102535 28% 277, 
11 760 22% 22% 
75 ff, 91, 
122 128 31% X% 
71156 9*« 0 

M B47 25% 

10 41 52 
13 90 2B% 28 
241857 21% 20% 

6 6 18 17% 

B 12 14% 14% 
X 819 12% 11% 
TO 311 22% 22 
372 35% * 
1115 21% 20% 
477 13% — 
41 489 11% 

47 11% 


30% 

12% 

Iff, 

85% 

as 

TO, 

11% 


*% 

51% 


13% 

Iff, 

11% 


12 99 21% 20% 

880 104 13% 13 
8172200 24% 24% 
23 2ff, 23% 
10 141 59% 9% 
24 78 68% 83% 
12 557 30% 30% 
4 IX 15% 

17 241 1S% 

40 M% 

20 S34 M 
843 


15% 
Iff? 
14% 
13% 
8% 

47 18% 18% 


212 12 % 
13 118 63 
5 211 ff. 


12 

62% 

a 


94 11% 11% 


24% 

20% 

2% 

TO, 


X 82 24% 

851701 26 
2467 7% 

86 255 171? 
162577 24% 23% 
207 M% 13% 
M25 TO, 16% 
11 994 39% 30% 
951 117, 11% 
73 12 11% 

184801 8% 6 

117 12% 12% 

7 352 11% 11% 

32491 16% 015% 
454 20% 20% 
490 14% 14% 
13 21% 21% 
17 161 15i, 15 

19 204 31% 31% 
75 450 247, 24% 
431061 11% *'* 
437 9% 

0 D 

14 359 15% IS 
1313 199 13% Iff* 
X 12448 8% 71, 

2128 8% 8 
IX ff, 6% 
75 20 189% 168% 
1907 TO, 11% 

23 226 9% 

358 71, 

32 15 36 
16 24 321; 

21 1247 18% 

10 364 11', 

24 370 20% 


11% 

9% 


32%+ % 
2ff? + 1% 
11% 

ff,- % 
20% — % 
16% - % 
7% 

29% — % 
143, 

16% 

337,+ % 
26% -1% 
X%- % 
TO, - % 
15 + % 
65% 

33 +T 
11% - % 

JiVi; 
22%+ % 
9%+ % 
31 - % 

a - % 

25 + % 
62 + % 
28%+ % 
21 + % 

a: 5 

35%+ % 
*1%+ % 
13%- % 
11% 

11% 

21 - % 
13%+ % 
2& + if 

23% 

58%+ % 
85 

30% — % 
15% ♦ % 
15% 

14% 

13% 

8% 

TO%+ % 
12 - % 
82% — % 

8 

11% - % 
24% 

21%+ % 
7% 

17% 

24 + % 
TO,- % 

i£s + 
1&- % 

%-% 
12% - % 
11% + % 
IB -2% 
20% — % 
147,+ % 
21%+ % 
15% 

31% 

24%+ % 
11% - % 


FMprn 
FAtaBk .78 
FstAmsI.EO 

FtA&k 30o 
FiATn 1.10 
FlAmSv 24 
FCo«S £2 
FExecs 
FExplE2.12e 
FEk|*F2£8 
FExpfG 
FFMlc 22a 
FFcRCal 
FFFtMs A0 
FFdPR 
FTFMga 
FtfTBk .72 
FtHews £0 
FTlICps A4 
FJerN 1£0 
FtKyNl £4 
FMdBs 1 
Fiutee 
FNCiim1£8 
FTMBs 30 
FtSFia 30 
FSecC 1.10 
FTOvOk 
FTemw 1.16 
FsttJCs £0 
FtWFn 26 
Renter 1.10 
FiaFtO 
FtaNFs AS 


FLkmA .14 
HJonB .13 
Forbf ,15a 
Fortans £6 
Fratn&v 
FreexU .X 


9% 

7 

35% 
31% 
14 
11% 
107, 

472 25% 24% 

309 11 
M 23 17% 

X 79 40% 
403002 3% 

X 100 X 
19 5324 34% 31% 
290 4 37, 

81 137, 13% 
3292 X 22% 
32 122 X% 29% 
13 306 29% 29% 

X S65 Iff, 12 

10 290 20% 2ff, 
X IX 19% Iff, 

42 M 
31 1840 16% 

M 11 25% 

18 368 30% 20% 
X 834 X 24% 

34 223 15% 

4X 478 14% 

13 IB TO, 16% 

15 2W 32 31% 

E E 

841 1 5-32 1 332 
a 300 301, 27% 
B 483 17 — 

X 394 19% 

35 X 17% 

72 157 17% 

18 41 B 

2425 3% 

317 33% 32% 

11 S33 ft', 9% 
182 18% 

16 159 IB 
16 S03u«0% X% 

677 23 271, 

« 98 9*, 9% 

11 62 26% a 

18 XI 40% 40% 

21 197 31% 31% 
162 M% 

X 507 Iff, 

37 15 
72 97 17 

F F 

11 565 147, u% 

12 107 11% 

9 15 12% 

113276 9% 

8 26 23% 23% 
152401 12% ?1% 

14 2381 45% 45% 
10 335 X 38% 

IX 32 
IS 18% 

12 ia 54% 
tz 42 75 
74 71 
61 1636 12% 11£ 


Iff? 

TO, 

X 

£ 


Iff? 

18 

25% 


M% 

141, 


16% 

IB 

Iff? 

TO, 

7% 

2% 


TO 

17% 


141, 

M% 

14% 

16% 


H% 

TO, 

8% 


31% 

2 * 

74 

70 


15% - *4 
13%+ % 
B%+ % 
8%+ % 
«%+ % 
160% + % 
1ff,+ % 
9%+ % 

’i 

30 

32% 

15% +1% 
11% 

»%+ % 
% 

it + % 
17%+ % 
40% 

39-16 + % 
X + % 
33% - % 

4 

TO,+ % 
23 + % 
29% — % 
29', 

12-1, 

20% 

Iff? - % 
18%+ % 
18%+ % 
25% 

291; -1 
25), + 1 
14% - I, 
M%+ % 
TO,-% 

15-32+3-5 
X +2% 

TO% — % 
19% - % 
17%-% 
17%-% 
7% 

3 -5-1 
32%-% 
TO«-1% 
18 - % 
18 

40', + 1% 

a + % 

ff, 

88i,+ % 
401? 

31%+ 1, 
M%+ % 
1<% - % 
14% - % 
17 

W% 

11% - % 
12 %+ % 
9 - % 
23%-% 

12%+ 7, 
45% 

Xml, 
32 + % 
16% 

54 • % 

74 1 

71 

12% + % 
6 


FUrHB £2 
FirttFS 

GWC 132 

Gatxg 

Galileos 

GalgAs .40 

Gatoobs 

Gantos 

GardA 

GatwBs 

Galway 

Gene ics 

Gened n 

Gonlcm 

Genmar.TOa 

Gflnzym 

GaGuB 

GlbsnG £5 

Gtamiss 

Godfrya .32 

GkJnVta 

Gotaas 2A 

GouldP .78 

GrphSc 

MhryB 

GdJtFd £0 

GmRhe 

Grdwu 

Giecn 

GuarFn .40 

HBO 30n 

Hftdson 

HamCHi 02e 

Hsnvkis 36 

Harleys ATn 

Harlnt 

HarpGs 

Hr8Ms1£D 

HnfdSs 1 

Hamlns 

Htthco 

wmnfl 

HehgAs .16 

HchgBs 06 

Heeklrt 

HelenT 

Henley £R 

HrtMS.lOe 

HibersT£4b 

HlghGu 

Kogan 

HmaCw 

HmFFl A0 

HmeSav£9a 

HmoSL 

Honbid 30 

HBNJs .40 

HlrtKoo 

HunUs .16 

Hrrtglns 

Humga£4b 

HutahT 

Hyponx 


IMS Ml .16 
ISC 

icoi 

Imam 

Imucors 

Hmmex 

Imurnnd 

Imreg 

Inacmp 

tndiNtl.lQb 

InftBdC 

Irrtrmx 
InfoRsS 
Inovals 
Inspect) 
meiDpe 
Jnsdr 
IntgDv 
InigGon 
Intel 
Intel wt 
lnUwt92 
InieUi 
IntrtFlr 24 
mtgph 
Intrleal 
(ntmec 
lntmtCs .18 
InMm 
InICUn 
[Game 
IntKIng 
IntLseS 
mMobU 
moan 
InvstSL SO 
Iomega 
hwnMg 
Bel 

helps 4 
baYokd 44o 


Safes High law lea Gbng 
PMs) 

214 17% 17 17 - % 

13 XI 2ff, 22 221, 

8 51 45% 451, 45% 

49 13 TO, TO,- % 

10 650 29% 29% 29% - % 

144 18% 16% 16%+ % 

14 2 15% IS 15 - % 

10 3443 17% 17% 17%-% 

4 22% 22% 227, - % 
932 TO, 257, + % 

151 22 21% 21% - % 

3 54 23% 23 23% + % 

7 125 27 25% 26 - l? 

6 a 24 23% 24 

48 11% 107, Iff, 

34 553 27% 271, 27% 

11 « 327, 32% 32%-% 

11 11 2ff, 201, 26% 

19 31 16% 18% 16% - <« 

12 383 54% 54% 54%+ % 

10 148 24% 23% 24i,+ % 

13 2X 37% 37 37i, 

17 to a% a a - % 

12 6 X X X - % 

11 8 3% 23 29 - % 

31 44 XI, XI, 391, + % 

62 M4 2B% 26i, 26%+ % 

227 Ml, 14 141, 

9 XI 30% 30% 30% — % 

101176 28% 26% 26% — % 

5 24 9% 9% . 

13 7 31% 31% 31% - » 4 

784 TO, M3, 147,- % 

70 IX 22% 22% 22% - % 

8 487 47, 4% 4% 

42 3X 16% TO, 18 - % 

44 370 Iff, 16% TO,+ % 

7 12 25% 25% 25% 

17 B11 ff, 5% 5% 

TO M 13% 13% + % 

9 850 17% 17 17% -1 

IX 584 5 d 4% 5 - % 

860 39% X 38%+ % 

3 ff, 67, 87,- % 

G G 

11 11 1B% Iff; 1B% — % 

3S66 8% 83-18 81; + 1-1 

X 118 23% 23% 23% 

16 11 21% 21% 21% 

152805 10% 10% 10%+ 1, 

a 420 21% 21 2ll,+ % 

12 73 15 14% 14% - % 

13 111 18% 18 18% 

701 6% 61; 6%+ % 

4189666 421, 40% 413, + % 

IX 34 33% 33% - % 

12 276 10% Iff, Iff, 

M 1455 12% 12 Iff, - % 

375X1 15% 147, 15 - % 

15 283 X 37% 37% - % 

10 SX 14% 14% 14% 

‘ ‘ “ 6% ff;- % 


Sack 


Safes 

fHMbl 


Hqfc Low Last Cbng 


JByLhs 300 TO, TO, TO? 

Jonal A. 700 43 14«9 13% 13% 13% + % 


Junes 


23 40U201; 19% 19% - % 

K K 

40 541 22% 22% 253, — % 
X 44 17 16% 17 


2ff; 


■516 6% 

17 120 26% 25% 25), - % 

43 ZM 23% 27% 28% + % 

M 1873 32 31% 3l», + % 

22 2457 20% 20% 2ff, 

1057 9 87, 

91 19% 18% 18% - % 

4 44 24% 24 24 - % 

X 53 14% 14% 14% 

48 114 37% 3ff; 37% 

X 1232 233, 217, 23% +1% 

10 20 a), a% 281;+ % 

H H 

496 13 127, 13 

24 577 8% 8% ff; 

54 848 20's 20% 30% + % 

6 4 35«, 34% 347,- % 

5 IX TO? 17 17i?+ % 

333 Ul 7% 18% 17%+ % 

15 X 13% 13 13% 

10 264 297, 29% 29% + % 

12 62 31 X% 30% - % 

23 350 203, 20% 20% 

62462 23% 22% 22% - 7, 

209 13% 13% 13% - % 

241505u24 23% 23% 

24 124(041, 23% 24+1; 

13 270 29% 27% 27% -2 

8 79 8% 8% 8% - % 

5396 SB 247, 247, 

X 13% 12% « 

10 TZ5 2«% 24 24% 

13 887 13 T2% 13 + % 

X 311 147, 14% 14% - % 

7 11 18% 18% 18% 

181 39% X% 383, - % 

8SO 13% 13% 13% 

4 90 21% 21 21% - % 

13 545 35% 34% 35% + % 

12 IX 22% 22 22 - % 

11 1242 8% d 7 8 

22 4189 24% 23), 23), - % 

M8 24% 23% 24% + % 

10 260 28% 2ff, 26% - % 

‘ “ 19), 2ff;+ 1, 

+ % 


19 410 21 
11 122 8% 

I I 

24 522 31% 31% 31% 
172168 8% “ 

13 662 ff, 

348 2% 

64 Iff, 12 
741 24% 24 

165265 10 
784 9% 

254074 7% 


8% 


8% 

ff, 

2% 


97, 

9% 

7% 


£ 

24%+ % 
97,- % 
9% " % 
7%+ % 


11 32S 36% 37% 381? + % 

155 20% 20 20 - % 

47 663 19% 18% TO,+ % 

36 1600 21 19% SB - % 

37 746 Iff? iff, lg% + % 

233 45% 44 45 + % 

11 11 - % 

15 - % 
13% 13% - % 
9% 9% — % 


t 30 650 11% 

44 356 15% 15 

X 19 M — 
172 9% 


8312 42% 40% 41% - 7, 

358 13 12% 12% - % 

13 13%-% 

9% 9% - % 

15 XI 22% 21% 2ff; + % 

215172 24 23 23%-% 

1828 TO, 18% 18% - 7, 

a 51 15% 15% 15% + % 

18 421 16% 18 Iff, - % 

16 347 57, 5% 57, + 1-11 

X 783 18% Iff, 18% - % 

43 582 TO, 12% 12% _ i 4 

17 39 15), 15% 15), 

20% 20% - % 


277 T3% 
31 X 10 


20 361 20), 


435 10% 10% 10% - % 


53 17% 
5 107 12 
IE 4082 37, 
12 X 9% 


17% 17% - % 

11 % 12 + 1 , 
2% 3%+ % 

9%+ % 


JatttGp 
JeiSmts£4a 
Jem 16 


172 21% 20% 21% ♦ % 
13 71% 71 71% + % 

X 41 116 115 % 115% - % 

J J 

8 436 14% M M%+% 
25 254 51% 49% X - 1? 
TO 2572 Si's 21% 21% - % 


KLA 

KV Phs 

Kaman £2 16 320 30% 29% 30% + % 

Korchr 252 26% 25), 2S% - % 

Kaydon.lOe 72 364 30% 30% 30%+ % 
KlySvA .70 20 Ml 50 47% 47% -1% 

Kampo .X 81687 33% 32% 32% - % 

KyCnLc 8 54 1S% 15% 15% + % 

Kinder £3a 16 773 16% 18% Iff? 

Krugers IB 1641 iff? 10 10%+ % 

Kulcke 1443 12% 11% 12 

L L 

LAGear 995 11% 11% 11%+ % 

LSI Lfl 14161X11% 11 H%-% 

LTX 886 iff, 15% 15% - % 

LaPetas X 253 18% 177, ib%- % 

LaZ By 1£0 15 79 82% 81 Bff; + % 

LadFrs.12a 18 72B 20% X 20%+ % 

Laldlw SB 26 IK a 25% 25% — % 

LrfITBs X 274 14), 14% M% - % 

Lam Re 112 9% S% B%- % 

Lands £8 15 260 21% 21% 21%+ % 

Lance 1.1B 19 436 42% 41% 42%+ % 

LndEnd.10e 27 91 u44% 43% 44% + % 

LawrSv X 133, 13% 13% - % 

Lawsns -2B 22 227 x, 28% 28% 

LeeDta 
LfeTch 
UnBrcto 
LnFIkn 
UnearT 
Uposm 


18 585 ff, 8% ff,” % 

-44 X 15% 15% 15% 

18 3848 u44', 43% 43),- ^ 


16 XI 11% Iff, 11%' 

X X 12), Iff, 12% - % 

BOG 6% ff? 6% — % 

LuC las 1.75 335765 37% 36% 30% 

LoneSlr 340 19X 17% 16% 17 - % 

LongF I SO 12x439 58 54% 57% +2% 

Ltauss aS15B 32 31% 31% - % 

Lowed -T5e 40 13% 12% 12% - % 

Loyola 11 14% TO, M% 

LyphO 42 Mil 24), 24% 24% - % 

M M 

145 117, 11% 11% 

3130757 81* ~ 

9 340 48 


UBS 

MCI 

MMC 130 

MNXs 

MSCars 

MTSs 24 

MTECH 

MackTr 

MB gs 

Uagnai AB 

MgtSd 

Mendw 30 

MfrsNt 1.44 

MarhFn£5e 

Marshl £4 

Masctnp 

fctecots 

Mascpi 

Maasbk 32 

Masator 

MtrxSs 

Maxcre 

Maxtor 

McCrm 1 


A 


7%- % 

«%+ % 


TO 14 15% 15% 15% - % 

17 246 13% 13% 1Z%- % 

563 24 231, 231, 

7B IK 241, 24 24 - % 

Ml «% TO; 1B%+ % 

1597 TO, 18% 18%+ % 

91554 18% 18% 181?+ % 

18 13 13% 13% 13%- % 

186 20% 20 >« 20*;- % 

9 81 46), 46% 46% - % 

151 19% 18% 18% - % 

10 20 Ml, 291? 30% + % 

43 IX 9 8% B»a+ % 

32 20) 35% 35 35%+ % 

13 35% 351? 35% + % 

350 18% 18% 18% + % 

717 4% 4% 4% + 1-1t 

17 35 19% 18% 18% -1 

1X1261 12% 11% 117,+ 1, 

182780 21% 20% 21 - % 

IS ,216 45% 45% 451, 


17% 17% - % 

8 845 22% 217, 21',- % 

1274 91, 8% ff,- % 

21 13 14), 14), M3, 


MedmC.lOe 57 257 373, 37% 371, - 1, 

Matfrd 9 Ml 17 TO, 17 + % 

Medbal.761 188 20% 19% TO, 

Meirdgs 16 1320 113, 10% 11% - % 

Mentors .16 41 510 15% 147, 15 - % 

MerrtrG 352426 28% 27% 28% + % 

MeicBcl-40 7 X 27 26% 263,- % 

MercBkl.08 13 76 41 40% 41 + % 

MrBoAe .40 11 50 14% 14% 14% 

MrchNt .X TO 187 263, 26% 26% + % 

MercGn SB 14 54 IB 

MrdnBii 1 
Merit/ 2B 
MerrICp 
MeryGs 
MeffldA £7 
MeuMbl I 
Meuml 
MeywF 
MIchM 1.40 
Mlcom 
MicrD 
MtarTe 
Mlcrop 
Mcrpfp 
UicSem 
Mtcreft 
MidlCp 1.X 
UdwAir 
MIlirHr .44 
Mill icon 


16 414 TO? 15 
102 ff, 6% 
4894 27 


15% 

67, 


25% 26% +1% 

18 795 Iff, 16% 1ff,+ % 

132157 16 15% 16 + % 

11 302 41% 401, 41%+ % 

21 178 15% M% 15 + % 

20 ZT2 97, 91? 0% 

2850 13% 12% TO,+ 1« 

X 1043 37% 361- 36% - % 

1455613-16 8 9-TO 0% + % 
15 IX 9% 9 ff,+ % 

44 1417 1001, 1« 104% - % 

9 1091 47% 47 47% + % 

17 942 14% 13% TO, - % 

17 420 £3% 231, 2ff, - % 

49 15% 15% 15% + % 

Mtlllpf £2 ffl 452 41% 40', 4ff, - % 

MJntscr 25 5656 16% Iff, 16%+ % 

MtnelM 29 538 17 10% TO, 

Winstar 37 160 24% 24% 24% 

MobICA 37 XI u28 20% 27% + 7, 

MoblCB 37 902 ua 26% 27% + % 

Modme .BB U 221 35% 34), 35%+ % 
MolBio 280 12% 12% 12%+ % 

MolBXS a 287 43% 43 <3 - % 

Monoid a 943 17 18% 17 + % 

MOfitSv 17 19% 18% Iff, 

MoorF 1.X 71 7B 28% 28% 

MorgnP 19 146 26 25% 25% 

Morins SB 201? ig% 13% 

Monsn .48 21 646 291, 2B% 29% + 3, 

Mu IB* £2 10 X 21%. 21 21% + % 

------ 22flu5S% 58% 303,+ % 

U N 

38B 25% 25% 25%+ % 

NEC -12s 129772 69% 66% 89% +ff, 

NllCtys 120 TO 1 126 u36i» 35% 35% 

NtCptr 20 17 6508 14% 12% 13% -1% 

193235 22% 21% 22% + % 

18 22 9% ff; ~ 


Muttmh 


NACRE 


NDau 
NtGuard 
NtHertt 
NtHIter 
NEECO 
NwkEq 
NtwkSy 
Neutrgs 
NECrii 
NESvOk 20 


8 % 


22 13% 13% TO, 


27,+ % 


165 2', 23, 

SB 382 18% Iff, 16 + % 

610 25% 34% 25% 

182779 Iff, 9% ID - % 

54 54 461? 46% 46%+ % 

37 167 20% Iff, 20’, + % 

IX 16 15% 16 

NE Bus 46 X 418 24% 24 24%+ % 

NHmB .48 11 B0 25% 25% S, 

NMIISB120 BB 20% 28% 28% 

NwldBfe 30 M 354 2S% 24% 25%+% 
Newpl £6 221603 12% 12 " - 

NwpPh 797 7% 7 

Ntaitffcn 8 26 10% 10 

Nike B A0 19 1850 18% Iff, 18% 

Nobm 40r 24 X M% 14% 14% - % 

Nordslr .X 36 1944 72 71 — ‘ 

1565 34 
3 


12 - % 

,J%+ % 

10 - % 


NorakB 33a 
NAB to 
NestSv 
NnrTrsI .92 
NwNG 156 
NwNU 36 
NorwSv.04e 
NovaPh 


71%+ % 
33% 34 ♦ % 
2% 27, 

245 » a '* + * 

J 7 45 44% 44%- Z 

^ 344 2=% «% 22%+ % 

5 ,83 27 a', 27 + i 

5* TO, 11% 12 1? 

1254 15 14% 147, * 


-TO.oru IS 14% 147a 1. 

WOVBIIS 42 MX 221, 21% 21% % 

Nwen .64 aa inrun; sgs, siV+u; 

Continued on Page 37 


1 





40 


j^nancial Times Monday June 22 J987, 


CURRENCIES, MONEY & CAPITAL MARKETS 


FOREIGN exchanges 

Sterling still left out in the cold 


TEE IDEA that foreign investors 
would fall over themselves to buy 
sterling alter the general election 
remains just an idea. If a currency 
is expected to do something, then 
that should be sufficient warning 
for most that it probably will not 
Participation from overseas has 
not materialised in the way that 
not so logical post election 
euphoria once insisted it should 
have done. Whether this is 
because investors from Japan for 
instance are just providing suffi- 
cient rope so that they can move in 
at a lower level is dehataibla 
Looking at the performance of 
sterling since before the election, 
it is evident that most of the 
carefully laid predictions have 
been upset by a temporary bout of 
demand for the dollar. The pound 
hardly moved against its EMS 
partners until Friday afternoon 

£ IN NEW YORK 


when the damage had already 
been done for at its low point the 
pound was down nearly five cents 
against the dollar. 

Last week's conomic statistics 
provided a further psychologi- 
cal blow but at the same time 
virtually ruled out an early cut 
in clearing bank base rates. But 
money supply aside, the record 
fall in unemployment and pace 
of economic growth may just yet 
see a revival in sterling's for- 
tunes. 

Early on Friday the pound 
showed some signs of recovery 
but Thursday's money supply 
figures, seen in a bad light, 
effectively reversed the trend. 

While bank lending was a 
little higher than expected, the 
series of figures was erratic 
according to stockbrokers 


James CapeL They also pointed 
out that the three-month aver- 
age on bank lending was still 
only £2.1bn compared with an 
average of 2. 6b n in the previous 
six months. 

While money supply figures 
are currently capable of alter- 
ing sentiment, the other key eco- 
nomic statistic at the moment, is 
due for release on Thursday. 
UK trade figures delivered a 
pleasant surprise last time 
through a current account sur- 
plus of £96m. This had not been 
expected. 

This time County NatWest see a 
visible trade deficit of £650m and 
with Invisibles remaining con- 
stant at £600m, a current account 
deficit of £50m. Salomon Brothers 
go for a £G 00 m visible deficit and 
flat on the current account while 


Morgan Grenfell are suggesting a 
£517m visible shortfall but a cur- 
rent account surplus or £ll?m, 
indicating a small upward revi- 
sion in invisibles. 

The dollar’s rise was started off 
by the release last Friday week of 
US trade and inflation figures 
which the market interpreted as 
being mildly bullish. There were 
also various comments by 
Japanese officials claiming that 


UFFE Lam GUT FUTURES OFTIMS 
Strike Cafe— Lest Pais— Last 

Prfca Seat Dec Sept Dec 

111 M 736 020 1J2 

120 462 5*2 0.42 Utt 

122 333 446 U3 232 

124 219 340 163 326 

126 130 247 310 433 

128 tE56 2J00 436 5JSQ 

130 031 127 ill 713 

132 036 LOO 740 830 

Estimated mime total. Cafe 3.462 Puls 2921 
Prestos day's open tat Cafe 23,052 Pots 14,426 


the dollar and reached Its lowest 
level. 

However the disincentive to try 
to push the dollar lower was not 
perfectly transferred to an 
attempt to move firmer because 
the dollar soon found resistance 
around the DM 1.8250 level and 
without economic statistics of any ■ 
note to provide added stimulus, 
the latter part of the week saw the 
US unit content to sit in a 


UFFE US TREASURY BOND FUTURES OFTTOWS 
soft* Cans-ust Puts — Last 

Price Seal Oec Sm Oec 

84 839 851 OUT 029 

B6 6.49 624 0.17 032 

88 5.04 438 036 L22 

90 338 3.42 1.0b 206 

92 237 2.40 149 304 

94 130 132 232 436 

96 0.46 1-13 434 S.41 

98 023 0.49 555 7-13 

Estimated volume ratal. Cans 176 Pras 72 
Prtvtos day's open hit: Cafe 1539 Pus 546 


relatively narrow range. 

Currently no one is too sure 
about whether the dollar has 
actually bottomed out while on 
the economic front there is little 
to suggest that the ills a lower 
dollar was supposed to alleviate 
have yet been cured. The com- 
promise, a dollar moving within a 
relatively narrow range, will be 
novel and for speculators will be 
uncomfortable to live with. 


UFFE FT-SE 100 INDEX FUTURES OPTIONS 
Strike Cafe -tan Pnts-Ust 

Price Jane Jafy Jane July 

22000 829 1451 CUR U1 

22250 5.99 12.48 029 158 

22500 3.95 1050 0.75 220 

22750 245 830 1.75 2-90 

23000 1.45 720 325 320 

23250 & 72 522 522 4.92 

23500 032 462 732 622 

23750 0.12 361 9.42 7.71 

Estimated votame total, Calls 36 Puts 17 
P rev io us day's apeo tat: Cafe 526 Pus 704 


EMS EUROPEAN CURRENCY UNIT RATES 


Jane 19 

Close 

Prestos 

Close 

£ Spot _ 

14100-1. 6120 

16390-16300 


0-24-0 25pm 

024-0 23gm 


003-0.00 pm 

0.70-0.67 pm 

12 months 

268-2.4B pm 

240-260 pm 


Forward preml 
U S. dollar. 


and discounts apply id the 


STERLING INDEX 



Eat 

central 

rates 

Currency 
amounts 
against Eos 
June 19 

% change 
from 
centra! 
rate 

% change 
aifoisted for 
dheroence 

Divergence 
limit % 

Belgian Franc 

424582 

43.0117 

+130 

+0.73 

±15344 

Donbti Krone 

765212 

760431 

-aw 

-L18 

±16404 

German D-Mark __ 

235853 

2-07509 

+Q50 

+023 

± 1-0981 

French Franc 

6.90403 

6.93023 

+038 

—039 

±13674 

Dutch Guilder 

231943 

233766 

+0.79 

+022 

± 15012 


0.768411 

0.774861 

+054 

+027 

±16684 

Italian Lira 

148358 

3500 J3 

+132 

+J-04 

±4X1752 


UFFE £« OPTIONS 

1 (cents per O) 


LONDON SE OS OPTIONS 
£12.500 (cents per £3) 


Strike Calls— List 

Price My tog. Sep. 


Strike 


Cafe-Last 


155 

160 

165 

170 

1.75 


6.98 

253 

053 

024 

0.00 


335 320 


033 061 

026 01B 



June 19 





735 




73 JO 




735 




735 



725 

735 

uoo 


72.6 

735 

2.00 



729 

3.00 


Kdl 

729 

4.00 

pm 

ia 

727 


Changes are for Ecu, ther ef ore positive change denotes a weak 
Adjustment calculated by FArandri Times. 

EXCHANGE CROSS RATES 


Dec- 

Jriy 


SepL 

Dec, 

Price 

Jriy 

Aug. 

Sept 

Dec. 

July 

Aug. 

Sect. 

Dec. 




054 

050 

1.45 

— 

— 

1270 

1290 


— 

150 

270 

11.95 

052 

058 

024 

123 

150 

1660 

1660 

1660 

1660 

035 

035 

050 

155 



051 

0.94 

255 

155 

730 

7.70 

96S 

956 

035 

055 

100 

160 

520 


190 

259 

463 

160 

310 

3.90 

5.95 

640 

120 

220 

195 

4.15 

358 

3.77 

450 

5.49 

751 

165 

0.75 

170 

325 

5.95 

3.90 

4.95 

435 

650 



858 

9.40 

1LU 

1.70 

025 

0.70 

ISO 

3.90 

850 

950 

6.70 

950 

055 1324 
Pots 0 

Puis 1724 

1361 

13.97 

1526 

L7S 020 060 055 250 3140 

Prevtot fey's open tad Cafe 1,932 Puts. 366 
Votame: 24 

956 

1050 

1325 


HUUBELPNA SC US OFitONS 
02,580 (cants per O) 


UFFE — EURODOLLAR OPTIONS 
On potto Of 100% 


CURRENCY RATES 


June 19 

Bat* 

rate 

% 

Speed 

Drawwg 

Rigl«s 

Eorapeira 

Currency 

Unit 

Sterling 



078874 

0.700075 

US. Dollar 

55 

12849 

11M1T 

Canadians — 

7.90 

* 

151988 

Austrian SUl _ 

4 

N/A 

145688 

Belgian Franc . 

74. 

99 

435117 


7 


750431 


35 

23433 

257509 


41, 

N/A 

233766 


9V 

75299 

IT J8I 

Italian Lira 

11.5 

N/A 

150013 1 

Japanese Yen . 

21? 

185.79 

164.430 

Norway Krone 

8 

N/A 

763403 

Spanish Peseta 

, 

H 

143.713 

Swedish Krona 

7J| 


721402 

Swiss Franc. _ 

3.5 


172376 

Greek Orach. _ 

20h 

" 

156519 

Irish Punt 



0774861 


Jape 19 

£ 

S 

Fyff] 

1 VEN | 

F Fr. 

frm 


EE| 

mi 

B Fr. 

£ 

1. 

1616 

295B 

El 

9573 


3330 

El 

ESI 

6125 

* 

0619 

1. 

1530 

O 

6110 

i£J 

2561 



37.90 

DM 

0338 

0546 

1 

7929 

3338 

rrrj 

1126 

7229 

ESI 

20.71 

YEN 

4264 

6591 

1261 

1000. 

4210 

l^rl 

1420 

9117. 


»1 9 

F Fr. 

1013 

1637 

29% 

2375 

10. 

2487 

3373 

ESI 


6254 

SFr. 

0407 

0658 


9552 

4521 

1 

1356 

^231 

E3 

24.95 

H FL 

0300 

0.485 


7042 

2965 


1 

6425 

0651 

1839 

Lira 

0468 

0756 

elJ 

1092 

4618 

LO 

1558 

1000. 

1513 

yrt tJA 

CS 

0462 

0746 

1365 

1082 

4557 

1133 

1537 

<iM.n 

1 

2837 

B Fr. 

1633 

■> Kin 

4529 

382.9 

2612 

4.000 

5.437 

3491 

3537 

100. 


Strike Cafe-Last 

Price Jafy Aug. Sort. Dec. Jofy 

1600 Z25 220 330 420 lJO 

2625 0.90 225 220 — 250 

1650 035 L15 150 220 420 

1675 0J0 065 — 225 6.05 

1.700 0J0 030 065 135 845 

L72S — 015 0.40 110 10.75 

1750 - 0.05 020 020 1325 

Prestos day's open W: Cafe N/A Puts N/A 

PmtaaiU ysnlnt Cafe AM Pus N/A 





n 

EWiI 



igai’'W 



WpTTiM 



W&M 


■TTTM 


I'' 1 '; 1 












■ttttJ 








|T , | 




















■Tj 

■TTJ 











P j L| 




H 1 • J 


w&M 


ESI 




m ^-1 






■i 


Estimated volume. Cafe 98 Pots 225 






Yen per 1000: French Fr per 12: Lira per 1,000: Belgian Fr per 100. 

EURO-CURRENCY INTEREST RATES 


*CSfSDR rate for June IB: 1.72435 

CURRENCY MOVEMENTS 


Jane 19 

Bank of 
Enfend 

Horan 
Guaranty 
Changes % 

Stertaig 

725 

-212 

U.S Orilar 

1022 

-4.9 

Canatitan Dollar 

77.4 

-111 

Austrian ScJutfmg 

1376 

+102 

Briqlan Fraxc . 

99.9 

-4.4 

Danish Krone 

929 

+3A 

Deutsche Marit 

1465 

+215 

Swiss Franc 

171.9 

+223 

Guilder - 

1345 

+143 

Frmtt Franc — 

71.4 

-135 

Lira 

472 

-182 

Yen. 

2205 

+642 


Jm 19 

Short 

7 Days 

Die 

Three 

Six 

One 

term 

notice 

Menu 

Months 

Month] 

Yew 

Sterling 







U5. Dollar 

6ii-6t3 

6V6% 

7-71, 

7i-7A 

7V7% 

7V7* 

Can. Dollar 

M>4 


8V8>a 

8&-BA 

8W 

8V9 

D. Guilder 

5.1-5A 

5A-5A 

5,1 -5i 

5A-5A 

5d-SA 

5,1 -5J, 

Sw. Franc 

3V3’* 

2V26 

4VH. 

4>r«. 

3B-4& 

31S-4.V 

Deutschmark _ 

3*3S» 

3*2-3*. 


3V3% 

3U-3» 

3t,-33l 

Fr.Frara 

Tif1\ 

7V8 

8,'. -6,1 

fflt-8% 

8We. 

BV9 

Italian Lire 

9-11 

9>r95fc 

9V1W, 

9V10fo 

15-15% 

UArlOta 

B- Fr. (Flo.) 

6V6H 

6V6H 

6VM, 

Mr6% 

6%-7 

7-7ij 

B.Fr.ICowJ __ 

6 

6V6W 


«r7 

6V7 

6V7ta 



44A 

9V9% 

WA 

3«-4 

9t,JHi 

4V4A 

3,1-4 

3H-4i 

4 4* 

O. Krone 

9V9% 

WJ* 

AstoSStag 

4V4J, 

4^ 

<V4% 


20-YEAR 12% NOTIONAL SILT 

E50J888 32nd* of 100% 

Close HI* Low Prev. 

June 124-12 124-28 124-12 125-19 

Sept 12410 125-07 12401 125-16 

Dec. 12407 — — 125-12 

Estimated votame 42251 (38.902) 

Previous day's open lnt_ 30422 OOfitOt 

10% NOTIONAL SHORT GILT 

£108500 64tfe of 100% 

Close High Low Prev. 

Jne — — — 

Estimated Votame 0 (0) 

P terio ns day's open M. 0 (0) 

TNREE4Knrni STERLING 


ILS. TREASURY BONDS (CRT) 8% 
SMQ5M 32nds of 100% 


June 

Sept- 

Dec. 

Mar. 

Jaw 

Dec. 

Mar. 

June 

Sept- 

Dec. 


JAPANESE YEN (I MM) 
VttJtat S per Y180 


Cfese 

9358 

9215 

9117 

9022 

B929 

8957 

88J9 

8852 

High 

9323 

9224 

9126 

9030 

9003 

8912 

8824 

8857 

Los 

9353 

9201 

9154 

9011 

B9J9 

8829 

8814 

8729 

Prev. 

9320 

9219 

9121 

9026 

9051 

5?- 

Dec. 

Mar. 

Jtn. 

Close 
06966 
0.7026 
a 7090 
07159 

High 

06969 

07023 

Low 

06942 

07002 

Prev. 

06957 

0.7017 

0.7081 

07150 

8823 

8856 

DEUTSCHE MARK (IMM) 
DM12SJM0 % per DM 



8756 

8627 

8711 

8750 

8751 

8622 

8710 

8631 

Dec. 

Close 

05514 

05562 

Hi* 

05528 

05574 

(J>w 

05503 

05551 

Prev. 

0551B 

05566 


Mar. 


05612 


— — 05616 


THREE-MONTH EURODOLLAR (IMM) 


Long-term EraudoP a ra: Tow years 8-81. per cent; three years BWJPa per cent; tor years 8»y-8fr 
percent; fto years — per cent aatMioL Sbortrttrm rates are ca(l for US Dollars aid Japanese Yen; 
often, two days' notice. 

POUND SPOT — FORWARD AGAINST THE POUND 



High 



Sint points of 190% 




Sira potato of 100% 




SepL 9058 

9110 

9079 

9113 


Clow 

Hto 

Low 

Prev. 


Close 

Hto 

Low 

Prev. 

Dec. 9085 

9154 

90.78 

9109 


93.94 

93.95 

9357 

93.92 

SepL 

9257 

9259 

9249 

9257 

Mar. 9075 

9096 

90.74 

9102 

Dec. 

9366 

93.67 

9358 

9363 


9228 

9230 

9220 

9228 

Jose 9063 

9050 

9050 

9056 

Mar. 

93.44 

93.46 

9338 

93.44 

Mar. 

9206 

9209 

9197 

9205 

SepL 9050 

— 

— 

9070 


9325 

9325 

9321 

9324 


9157 

9191 

9179 

9186 

Estimated Votane 10614 17,144) 


Sul 

9359 


_ 

9357 

SepL 

9L71 

9175 

9163 

9170 

Previous day's open int. 16,847 06300) 

Dec 

9292 



_ 

9290 

Dec. 

9155 

9160 

9147 

9154 





Mar. 

9275 

9276 



9273 

Mar. 

91.40 

9145 

9132 

9139 

FT-SE 100 INDEX 









June 

9126 

9129 

9118 

9125 


£25 per M index print 


Morgan Guaranty changes: average 1480- 
l482*ii(jo. Bunk of England Index (Base average 
3975b 1001. 

OTHER CURRENOES 


Jm 19 



2.7750-2.7885 
, 22410-22440 
67.9600-683500 
7J595-74805 
220.90-224 60 
126240-126360 
117.40- 
.131625-132845 
0.45570-0.45620 
fal2Q-6130 
466654.0705 
|21234521455»| 
271552.7205 
666956.0750 
3427534310 
32590-32740 
53510-55335 
50.655065 
5.94355.9495 


1.7150-1.7220 

13850-13860 

426000422100 


4.43404.4360 
13520-137 55 
7606576075 
7100* 

80930815.90 

028155028165 

376537.95 

23140-23150 

131200-132560 

1678516805 

3.7500-37510 

24190-24200 

2616026200 

33060-3.4190 

31.053145 

3672536735 


June 19 

Day's 

spread 

dose 

One mouth 

% 

PJ- 

Three 

nMnhs 

% 

PJL 

US 

16140-16365 

16155-16165 

026023c put 

152 

054-0.78 pm 

250 

Carafe 

2162322905 

2J660-2167D 

O14-O5ic pm 

042 

044-027 pm 

066 

Nethnrtandi . 

33212-3557. 

3J2)f-333h 

Ur* Pi 

360 

3hr2*pm 

360 

Bckpmn 

61366177 

61206130 

155c pm 

—225 

41-30 pm 

-232 

Denmark 

11592-11201. 

mivum 


-067 

17r2>* ife 

—AM 






W. Germany . 

295-298 

2957r296ta 

lVlfori P* 

557 


557 

Portugal 

22ft 8623228 

229.00-23000 

101-147C tfc 

—648 

338-428 ife 

-668 

Spain 

204A5-206.40 

20450-204.80 

58-llfac ife 

—510 

161-327 ife 

-4.77 

haiy 

213274-215612 

Z137VZ13a*2 

14 fee db 

-140 

3-10 tfc 

-122 

Norway 

1055l2-lO95>« 

1058-1059 

4ta-5 ore dts 

-510 

MPg-M* ife 

-533 

France 

955V9.957. 

956M57V 

V. c Pm 

068 

1%-Ti pit 

0.48 

Sweden 

1028^10377. 

10297.-10307, 

12-7. ore pm 

044 

% pm-i. IBs 

052 

Japan 

233VZ367* 

234-235 

l*r% » pm 

512 

3W*p« 

5.12 

Austria 

20752091 

20.7620.79 

&r7\ gro pm 

4.73 

25%-227t pm 

423 

Swfeeriand- 

245-2477. 

245-246 

l-4icpm 

428 

3H2*pra 

4J79 


Close High Low Pm. 
June 22820 23040 22620 230.75 

Sept. 233.40 23540 23160 23560 

Dec. 237.90 23730 23730 — 

Estimated votane 2670 0.912) 

P iet feus day's open M. 7,929 (7,539) 


SWISS FRANC (IMM) 
SFr 125600 S per SFr 


standard & poors 500 index 
9588 Boies Index 


YHREBMRNTH EURODOLLAR 
Slot prints of 100% 



Close 

High 

Low 

Prev. 

SepL 

VHOC 

308.90 

**1911 

30960 

unr 

30725 

30045 

Step. 

06619 

06643 

06607 

06633 

Gee. 

31120 

311.90 

30960 

310.70 

Dec 

06679 

06700 

06663 

06693 

Mar. 

31320 

31420 

31160 

31275 

Mar. 

06739 

06760 

06730 

06753 

June 

31550 

31620 

— 

— 


_ . , [. Umtd in compliance with the requiieranSs of the Council of the - 

■" toKScfeiftim and the Republic of IrrtodL^ 
<-%Stofel nor consume an mvinmon » any .person to «bscnbe for 
* -gr purchase any munet in Westwood Dawes PLC. 

Atofauto te been mode W the Council of The Stok Ewfaw y for ril fle Ontirary 
of Westwood Dawes PLC both awed ««» pirpowl to be oral 
untsition of Hush J ONali Co. Unwed and the, propo^a 
riJusikMC of 2.855.000 Ordinary Shares of I2*5p eoch to be witaiuod to the Otfiori Lnt. 

WESTWOOD DAWES PLC 

(Registered in England No. 325096) 

Acauisition of Hugh J. O'NeiU Co. limited 
Open Offer toSfSoktora of 3.508.750 new Ordinary Shares of 
^ 72 %p each at 20p pershare 

Rights issue of 2,855,000 new Ordinary Shares of 
u I 2 %p each at 20 p per share 

SHARE CAPITAL . . 

Issued and to be 

. issued, fully paid 

omoro oriimuy Stares of 12!6p Bd. £l.«5.«5 

sHSSSsffiSiKKSi g=f 

£ 3 SSSSS 3 S 35 S 3 i** 

rv. uh «_H1 IQK7 riw rxiiilne Ordinary Shares of 12'5P woe swpcitod at the Directors 

of HflghJ. O'Neill Ct>. L.mi« Imrito 
311^. rfu. rishB iss oc. It ts e u wftl M dealings in d* exist my Ordinary 
will recommence and dealing* in the Ordmary Strata, of 
iuued pursuant » the ocquBimw latter than the Oidnraiy Share* olTered lostartatolm 
? UwSE, offer rto Offer StoWII and n*te «w <9 *** "" J2L 

JStft Joae. 1987. Dealings in the Offer Stare air expected to comotence on 20th July. 1987. 

Copies Of the Latino Particular «d the Supptanenwy Ufflug F^aOvrs are J^Wc far 
collection only from the Company Anmwncetncras O ffi c e . The Slock EjjtojBgc- 

London ECZP 1ST until 24th June. 1987 and nray be obtained during 
weekday (Saturdays «ri I w«lc excepted) op to and 

mriwfh ^i Mi July. 1987 from: 

Westwood Dawes RC. 
Bowling Green Road, 


Mudteaer Entoge Trust Limed, 

Pembroke House, 

40 City Road, 

Loodott ECIY2AX 

Many ft Co. Stockbrokers Limbed 
94-96 NewtaH Street 
Mnnfatgton B3 IPE 

Dared 22nd June. 1987 


, DY8 3TU 



The Republic of Italy 
U.S.$500,000,000 
Floating Rate Notes due 2000 

In accordance with the provisions of die Notes, notice is hereby 
riven that for the Interest Period from 19 June. 1967 to 21 
December, 1987 the Notes wOl cany an interest rate of 7.3125% 
per annum. The interest payable on the relevant interest 
payment dale, 21 December, 1987 will be US$375.78 per 
US$10,000 Note and US$9394.53 per US$250,000 Note. 


22 Jane, 1987 


fstrtuto Bsncario San Paolo dr Tbrino, London 
as Agent Bank* 



Chne 

Hi* 

Low 

Prev. 

SepL 

9235 

9256 

92.48 

9255 

Dec 

9226 

9224 

9218 

9226 

March 

9205 

9255 

91.94 

9254 

Jane 

9186 

— 

— 

9185 

SepL 

9168 

— 

— • 

9167 

Dec 

9152 


— 

9151 

Mar. 

9138 

— 

— 

9137 


EstfenM volume 5.B78 (4,496) 

Pterions day's ape* rot- 24687 £294677 


Beigiar rale U fur comrartiUe francs. Financial franc 61-35-6146. Six-month forward dollar 147- 
147 c pm. 12-tmwth 230-230C pm. 

DOLLAR SPOT— FORWARD AGAINST THE DOLLAR 


M4L TREASURY BONDS 8% 
$188600 32Mb of 180% 


-Seihng rate 

FORWARD RATES 
AGAINST STERLING 



Spot 

1 

nth 

3 

ntbs 

6 

ratio 

12 

■tits 

USOoltar 
0-BUrk 
Franck Fr. 
Swivs Fr. 
Yvn 

16160 

29575 

98725 

24550 

23450 

16136 

2*51 

98669 

2.4467 

23351 

16079 

29178 

98528 

242*3 

23138 

16010 

28815 

98459 

23935 

22857 

15900 

28117 

98*07 

23321 

22290 


Jm 19 

Day's 

spread 

Qase 

One month 

% 

{ML 

Three 

months 

% 

to- 

UKt 

16140-16365 

1 6IB.161M 

026023c pm 

182 

084-0.78 fen 

250 

Iretodf 

14625-14706 

14625-1.4635 

041-Q36c pm 

335 

120-108 to 

331 

Carafe — _ 

13375-13404 

U3&I3395 

033538c ife 

-ZJ9 

0.430.48* 

-136 

Netbertaadt . 

20500-25615 

2.060525615 

033030c pm 

154 

0.990.94 to 

158 

Brigtam 

37.73-37.95 

3785-37.95 

3pnH»r 

0.48 

B-3 to 

058 

Denrark — 

654^658)3 

688688I2 

100-170ore ills 

-236 

325-3.95 ife 

-230 

W. Germany . 

18195-18305 

18290-18300 

051-0.48pf pm 

326 

157-152to 

339 

PtJrtkgal 

142-1424. 

14212-1424. 

65-UOcife 

—824 

270320 dis 

-831 

Spain 

12626-126.71 

12660-126.70 

SO-lOOc tfls 

-732 

150250 de 

-633 

Italy 

1317-1324 

13224.-1323*4 

28O3806re tfe 

-350 

850-1100 tfc 

-288 

Frraxz 

65863112 

6304,-631*. 

050055c ife 

-133 

1.70-250 dri 

-122 

Sweden 

634-6374. 

637V6374. 

ass-aasoreifc 

-132 

2502.90 ife 

-170 

Japan 

14435-14530 

145.00-14530 

0.41-0 38y pm 

328 

123-118 to 

333 

Araaria 

12.79-12851. 

12.84-12.841; 

3.40-3 OOgro pm 

226 

1050950 pm 

297 

Swftzerfand.. 

15100-15220 

15195-15205 

031 -026c pm 

226 

137-132 pn 

302 


Clow 

Hi* 

Low 

Prev. 

9309 

9309 

9309 

93-16 

92-16 

92-17 

91-23 

92-14 

91-18 

— 

— 

91-16 


June 
Sept 
Dec. 

Estimated Votane 5641 (4638) 
Previous day's open In. 4459 (4342) 

CURRENCY FUTURES 


raOND-S (FOREIGN EXCHANGE! 


Spot 

16160 


1-rath. 3vutta bvuth. IZ-mth. 
1. 6 1 36 16079 16018 13920 


MM— STERUNfi Ss per £ 


Close High Low Prev 
Sept. 16040 16155 16025 16225 

Dec. 13965 16070 15950 14165 

Mar. 13925 13900 13900 Z412S 


UFFE— STERLING £25680 S per £ 


t UK and Ireland are quoted In US currency. Fonaard premium aaddtauato apply w the US doUar anl not 
to the Mhidual owrency. Belgian rale Is lor convertible francs. FtaaneW franc 37.95-3865 
Correction tar June 19 UK dose J 6290-1 6300 


Close High Low Prev 
Sept. 16121 16201 16092 16226 

Dec. 16057 — — 14167 

Mar. 16010 — — 16135 

Estimated votame 160 (2) 

Previous fey's open int 837 (839) 


MONEY MARKETS 


Post election blues sets in 


THE IMMEDIATE post election 
question about the choice 
between lower interest rates or 
higher sterling has, at least for the 
first week, been solved, the 
answer being neither. Thursday's 
bank lending provided the ideal 
excuse to sell gills, boost cash 
rates and have a swipe at sterling 
It is hard to imagine all this 
emanating from one set of figures. 


well known for their erratic 
nature. It seems that the big rush 

UK clearing bank base 
lending rate 9 per cent 
since May 8 

into sterling which has so far dis- 
played all the hall marks of a 
jumble sale in January, has 


FT LONDON INTERBANK FIXING 


prompted many investors to 
reduce their load. 

Others will add that with the 
economy expanding io some quar- 
ters, the authorities are not likely 
to rush into any additional cuts in 
base rates. Strange words like 
overheating and inflation are pre- 
mature but have been heard on 
more than one occasion over the 
past week. 

MONEY RATES 


So where has all the bullish 
tone from two weeks ago disap- 
peared to. With hindsight it would 
appear that sentiment was becom- 
ing just a little too frothy and that 
interest rates last thing on Friday 
were nearer than they have been 
recently, to levels that would have 
prevailed, had an election not 
been called. 

A few believe that farther cuts 
In rales this summer are achiev- 
able. Again much will depend on 
the performance of sterling and 
last week's relatively modest 
upward shift by the dollar has 
shown just how sensitive the mar- 
ket is to the pound's performance. 


(1L00 ira. Jme 19) 3 months U.S. drilras 

6 months U-S. dollars 

Wd 71* | oiler 7 *. 

bid 7 A | oner 7 A 


NEW YORK 

(4pm) 


Treasury Blits sod Bonds 


"S"*® W U * " f »nest one-rixtemth, of the tad ana 
"Si? !2 **** refefCT “ tooks at 1160 MI. each working day. 

BANK OF ENGLAND TREASURY BILL TENDER 


Broker tara rate . 
FM. foods. 


fWta&JtinfnMntoi .. 



One month , 

N/A 

Dim yew 

— ~ 7.66 






8 

SnmoMb 

639 

Sewn tor-—— 

-- — 8.14 

a 


658 

10 year ............. — 

831 

Two jot 

744 

30 pear 

048 



Jure » 

Jure 12 


Jute 19 

Jm 12 

BtfemoUer 

C400m 

11544m 

L400m 

£400iii 

Top accepted rate ol dtarara _ 
Average rate oiririom 

8.7239% 

86232% 

8.4431% 

83953% 

Tautallocaied 

6400m 

£97895 

53% 

MxwnxiaccrpMM 

Afetmem at nkwnai level __ 

C97825 

20% 

Araowt on offer at next Ktor . 

£400m 

£400m 


WEEKLY CHANGE IN WORLD IN TEREST RATES 


June 19 

Orem 1*1 

One 

Month 

7wo 

Months 

Three 

Montbs 

Six 

Months 

Lomturd 

InttTvemton 


325-335 

7A-78 

Vita 

5V5& 

359375 

lOVUfo 

855 

96-10 


355-3-70 


360-3.75 

S5 


a:. -8,1 

0&B,\ 

8A-8A 

BVWa 

76 





5,1-5 A 
359375 
lOVUH 
6V6*. 

10, L -10 £ 



5.1-5,’. 

— 

to 


__ 

3.71875 

_ 





lOVUfo 

611-612 

10,1-10,1 










Dahlia _. 

10 A -10 A 

JOVlOta 

— 


LONDON 

Ene rates — , 

7 day IntrrtMr* 

3-mornh Imrrbaok _ 
Treasury Btll Tender ._ 

BandlBrth. 

Boid 2 BiHi 

Band 3 BJh . 


BamMBife 

3 Mill. TreasoryBd „ 

1 Mih Sank EH Its 

3 Min Bank Bills 

TOKYO 

One month Bills 

Three moNh Bills — 

enUSSELS 

Onemomti 

Knee month ______ 

AMSTERDAM 

(JneimmU 

re month 


June 19 

change 


June 19 

change 

9 

Ureh-d 

Prime rates 





Federal Fmnb — . - 

<>*, 




3 Mu, Tremy Bills _ 

551 

+0.09 


, rrnnn 

6 Mth. Treasury Bills _ 

U8 

+0.03 

n 

UndTd 

FRANKFURT 






Lombard 

55 

Duck'd 

8(1 


OnemtiL InKibaok 

365 

+035 

& 


T In ll KHrtil 

3675 

+005 

8i| 

+fo 

PARIS 





l«l errenttan Rate — 

71, 

Uxch*d 

359375 

-05625 

OKimli.liiiertiaok 

8*. 

-«■ 

3.71875 

+05625 

Three oionth — . 


-«a 



MILAN 



611 

-Ig 

Onemmeh 

11*. 

+*a 

66 

-h 

Three month 

U 

*'• 



DUBLIN 




+.% 

OnemaMh 

101? 

-H 


+,v 

Three month 

MHa 

-U 


LONDON MONEY RATES 


June 19 


SterlingCDs. — 

Local Authority Depo 
Local Authority Sands , 


Congianv Detmfts- 


Fbrame House Deposits . 

Treasury Bllh (Buy) 

Barit Btlh (Boy) . 


Fine Trade BdM Boy) — 
Dollar COS 


SOR Ln*cd Deposits I 

ECU Linked Deposits _ 


Ovev- 

right 

7dw 

notice 

Month 

Three 

Months 

Six 

Months 

One 

Year 

10-8*. 

HV8H 

9-8S1 

9«*^% 

9,1-9 

syft 



6V8fj 

8(1-812 

9ta-9 


*a 

*■ 

Bh 

8% 


?.» 



9 

812 

9 


9 


BB 

B*« 

— 

— ? 



9-8% 

9ta 

9*. 




8)2 

812 

9 

9** 





ala 

813 

— 

— 

__ 

— 

8% 

8)2 

an 

— 


_ 

9*2 

9,'« 

9A 


- 



730-7 05 

73S-TQO 

730-725 

7.70-765 





6A-5U 

bhrVk 

6U-6 

6>H,*« 

— 

— 

6,1 -6,« 

61.-6** 

6(2 -6B 

7 ,«-6|i 


. , . yrd iTjiis £5 Jo 91 dawt. iSiih mOJSP' ™ 2 Wl «i s » » dWL hand 3Mfe 34 ID63 dan 

-a L'.sw rrH-ctivtt USfe ™ 1 ** " damaM monei mU,M 


treasury Bills (wll); onernwnih 814 pw cwW ftree-monUn 8 11 per cert; Bonk Bills l»l»: «»■ 
monlh 814 PW cent three mom to 8fi per cent; Treasury Bills; Average rato nl OWOOuril 
86232 p-c. ECGD Fixed Rate Sterling Export Finance. Make op day May AIW. ***<*1 raw* 
for period June 24 to July 25, 1987. Scheme 1: 1064 px_ Schemes II & III: 10.12 P*. Reference 
rate for period Mdy 1 to May 29, 1987, Scheme IV: 8673 p.c. Local Auftortty and ***** Hmmm 
seven days' notice, others seven days' fixed. Fife** Houses Bow RaieVj pw cent from Jour 1. 
1987: Bank Deposit Rales I or sums » seven days' nouce 3-3i a par cem. Certificates of Ta* Oeposu 
(Senes 6); Deposit £100.000 and over held tutor one mount 8 per ee*; qny three mrartfe «Uper 
cent; three-six mouths 8» 2 per ceiu; stx-mne mouths 8% per cem; nn»e-lZ tnonota n per cem; 
Under £100600 8 per cem from June 17. Deposits wuhdraim for writ S pta cent. 


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HOBS tag. HAS 12 
Ha .... Dm. 15 


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.. 0*600 
R300 
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tan f*u 125 

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00 



Saharan sands shift 
towards fertile 
ground. Page 24 


No. 30,266 


EUROPE'S BUSINESS NEWSPAPER 

Tuesday June 23 1987 


D 8523 A 


World news 


Business summary 


Iran sets TSB buys 
up missile life group 
threat for £220m 
y to Kuwait agreed bid 


Iran began deploying Chinese-sup- 
plied Silkworm on the Fao 

peninsula at the northern end of 
the Golf, Western o fficipln in Ku- 
wait said. 

The mi s si l e s, with a range of 
about 50 miles, pose a threat Co Ku- 
wait and its oil installations which 
would be well within their range. 
Pbge 2ft 

Beirut battles 

Street battles erupted in Beirut’s 
southern suburbs where some of 
the 29 foreigners missing in Leba- 
non are believed held by kidnap- 
pers. 


Kohl veto 

Chancellor Helmut Kohl vetoed the 
extradition to the US of a Lebanese 
hijack suspect whose friends are 
takfing two West Germans hnsfavy 
in Beirut 

Bonn criticised 

East Germany attacked West Ger- 
many's decision to keep 72 Persh- 
ing 1-A missiles out of a US-Soviet 
arms deal, accusing Bonn of want- 
ing to maintain the fiwwat: they 
posed to Eastern Europe. 

Italian strikes loom 

Italian union officials warned of 
forthcoming strikes by rafl workers 
and airline pitots. Petrol pump at- 
tendants were also considering a 
48-hour strike and workers on fer- 
ries Bn long Italy to Sardina were 
already on a four-day strike. 

Nato membership 

President Kenan Evren said Tur- 
key might review its Nato member- 
ship in light of a European Parlia- 
ment resolution recognising Arme- 
nian ^4aims of genocide against 

them 

Fiji emergency 

Fiji's interim government wiS com- 
mandeer about 100 Indian-owned 
tracks - under an emergency de- 
cree - in an effort to get the coun- 
try’s sugar cane harvest underway. 

Gurkha peace offer 

Militant Gurkhas fired at police and 
set fire to a municipal building near 
Darjeeling but offered to call off 
their violent campaign for state- 
hood in north-east India if police re- 
leased one of their leaders. 

Jobs protest 

Thousands of West German steel 
workers staged demonstrations in 
several Industrial centres to protest 
against big lay-offs in the Ruhr re- 
gion. 

N-weapon 'essential 1 

Libyan leader Muammar Gadaffi 
said the Arabs should have a nu- 
clear bomb to gain the respect it 
gave China. He said the bomb was 
essential as a defensive weapon 
and Arab states should be prepared 
to use it if their existence was 
threatened. 

AIDS test developed 

A Swedish 1 research team said it 
had developed a new AIDS test 
which was 100 per cent reliable and 
could eventually lead to discovery 
of an anti- AIDS vaccine. 

New Contra base 

US-backed Nicaraguan rebels had 
setup a base in the eastern jungles 
of Honduras and about 400 com- 
mandos were being trained there, a 
newspaper in Tegucigalpa reported. 

Fred Astaire dies 

Fred Astaire, whose dancing style 
made him a legend on the screen, 
died in hospital aged 88. 

Straw sausages 

A Danish company has developed a 
way of processing the country's sur- 
plus straw by feeding it to humans 
as healthy stuffing for sausages 
and bread. 


TSB, UK financial services group, 
made a £220m ($358m) agreed bid 
for Target, die unlisted life compa- 
ny. in what is the first major acqui- 
sition since its El.Sbn stockmarket 
flotation last September. Page 25 

MOBIL OIL AG, West German sub- 
sidiary of Mobil of the US, forecast 
lower profits for 1987 after earnings 
last year fell DM 230m (S127m) 
from DM 352m in 1985. 

WALL STREET share prices closed 
at record levels for the fifth session 
in a row. The Dow Jones Industrial 
Average rose 24JJ6 points to 2,445.51 
on moderately heavy volume. 
Page 46 

DOLLAR rose in London to DM 
1-8400 (DM 1.8295); to Y145JM) 
(Y145.05); to SFr 1.5290 (SFr 1.5200); 
and to FFr 6.1350 (FFr 6.11). On 
Bank of England figures the dol- 
lar's exchange rate index rose 0.3 to 
102.5. Page 39 

STERLING fell in London to 
Si .5945 (SL6160); to DM 2.9350 (DM 
24575); to Y232.50 (Y2345); to SFr 
2.4375 (SFr 2.4550 Y. and to FFr 
9.7825 (FFr 9 4725). The pound's ex- 
change rate index fell to 71.8 (724). 
Page 39. 


28 


usm 

JCPERTQ Ntf 


LONDON 
FUTURES 
1- 2nd Position 



8283 84 85 88 87 


COFFEE prices on the London fu- 
ture's market resumed their down- 
ward course. September coffee end- 
ed at £1,24240 a tonne - down £14 
on the day. Commodities, Page 34. 

TOKYO: Small-lot selling of a range 
of stocks, some high-technology is- 
sues excepted, led share prices into 
their third biggest ever daily falL 
The Nikkei average lost 647.77 to 
24J&Q35. Page46 

LONDON: Nervousness over the di- 
rection of interest rates and fears of 
a rise in inflation sent equity prices 
sharply lower. The FT-SE 100 index 
fell 21.5 to 2,244.6 and the FT Ordi- 
nary index lost 2L3 to 1,737-O.De- 
tails. Page 42 

GOLD fell on the London bullion 
market to close at S438.00 ($449.50). 
It also fell in Zurich to $438.75 
($448.85). Page 38 

MOULINEX, troubled French kit- 
chen equipment producer, has re- 
vised its forecasts for this year's re- 
sults downwards to a loss of FFr 
41.7m, after earlier predicting that 
it would break even. Page 25 

AIRLINES: SAS, Lufthansa, Air 
France and Iberia agreed to set up 
a joint computerised distribution 
system in Europe. Page 2 

NEGOTIATIONS are in the final 
stages between Bank Nagara, Mal- 
aysian central bank, and the Sabah 
government on a rescue package 
for the state-owned Sabah Bank. 
Page 28 

HUNGARIANS are preparing for 
fiscal upheaval as the country pre- 
pares to introduce value-added-tax 
and other Western-style taxation. 
Page3 


SPORTS TOTO, Malaysian govern- 
ment-controlled lottery organisa- 
tion, is to gain a listing on the Kua- 
la Lumpur Stock Exchange, with a 
public offer of 5.25m shares. 
Page 28. 

AMERICAN BRANDS, diversified 
tobacco, liquor and consumer prod- 
ucts company, is buying Acco World 
Corp, leading supplier of office 
products, in a merger wrath 3602m, 
or 529 per Acco share. Page 25 

JAPANESE securities houses are 
seeking to impose a set of limita- 
tions on the proposed over-the- 
counter sales of government bonds 
by life insurance companies. 


FFs landmark headquarters sold to Japanese group 


PEARSON, owner of the Financial 
Times, has sold Bracken House, the 
newspaper's London headquarters, 
to Ohbayashi Corporation, the Ja- 
panese construction group, for 
LI 43m ($233m) cash. 

Ohbayashi's purchase of one of 
the most prestigious sites in the 
City of London is part of the build- 
up of sterling properly assets by 
major Japanese groups. 

The build-up is part of a broader 
property offensive by the Japanese 
which, so far, has concentrated on 
the Pacific Basin and on ‘the US 
where, last year alone, the Japa- 
nese spent about $4bn. This year 
US property purchases by Japan 
are likely to exceed Sfitan. 

The spending surge is a result of 
dollar and sterling assets for the 
Japanese whose trade surplus help- 
ed make them the world's biggest 
net creditor in 1985. 

The price paid by Ohbayashi es- 
tablishes a new level for spiralling 


BY PAUL CHEESERK5HT IN LONDON 


property values in the City of Lon- 
don. 

It is believed to be the biggest 
single Japanese property invest- 
ment in the UK. Further, In terms 
of a property offering development 
potential without a planning con- 
sent, this must be one of the biggest 
deals the City has ever seen," said 
Mr Michael Stephens of St Quentin, 
the surveyors advising Pearson. 

Ohbayashi is one of the six Japa- 
nese construction companies with 
an annual turnover of more than 
£3.5bn. The purchase of Bracken 
House is its first major British ven- 
ture. 

The prospect of a fresh cash infu- 
sion immediately lifted the share 
price of Pearson, which closed 8p 
higher at 670p in London yesterday. 
Pearson has spasmodically been 
the subject of takeover speculation. 


The group will use net gains from 
the sate to finance further expan- 
sion. Indeed, yesterday, its US arm 
announced fiat it was bidding S28 a 
share for the 34J5 per cent of the eq- 
uity in Cameo, a US oil services 
company, it does not already own. 
The cost would be 570.7m. 

The contract between Pearson 
wTwt Ohbayashi is conditi on al on fi*** 
early redemption of Pearson first 
mortgage debenture stocks with a 
nominal value of flUa However, 
the group expects the sale to be 
completed within a month. 

Pearson had rejected the possibil- 
ity of refurbishing Bracken House 
in favour of redevelopment at a cost 
of about £40m and had been run- 
ning aw ar rhit«v-ta iml com p etiti on *n 

find a suitable design until it re- 
ceived offers for the building from 


Ohbayashi and three other contend- 
ers for the site. 

The Financial Times ha< a fere** 
on the huitHing until the end of 
1989, end can remain in it rent-free 
until the end of 1988. The company 
is launching a search for new prem- 
ises either in the City or as near to 
it as possible. It is in the middle of a 
£70m development programme in- 
volving a new printing works In 
London Docklands, outside the cen- 
tre of London, and the introduction 
of computer technology. 

Ohbayashi is expected to contin- 
ue where Pearson left off and seek 
planning consent to redevelop 
Bracken House for a financial insti- 
tution. 

Ian Rodger reports from Tokyo: 
OhbayashKxumi, one of the top five 
civil engineering group in Japan, is 
a typical Osaka-based company - 
very conservative. The Japanese 
haw an expression for companies 
like this, which might translate as. 



"Even when they see a bridge made 
of stone, they tap it first with a stick 
to make sure that it is safe.” 

Ohbayashi should know. It is a 
company that builds bridges. 

The company is not known as a 
property developer. In the year to 
March, 1986, property operations 
accounted for only 4 per cent of 
turnover. 

Analysis, Plage 9 


South Korean leader 
concedes meeting 
with opposition chief 


BY MAGGIE FORD IN SEOUL 


PRESIDENT Chun Doo Hwan, the 
South Korean ruler who has faced 
12 days of violent protests against 
his government yesterday offered 
his first concession to the people's 
strongly - expressed wish for demo- 
cratic change. 

Responding to the pleas of his 
ruling Democratic Justice Party, he 
agreed on an unprecedented meet- 
ing with Mr Kim Young Sam, one of 
the country's two n»«n opposition 
leaders. 

The beleaguered President was 
apparently persuaded to relent on 
his hard line stance by Mr Roh Tae 
Woo, deputy leader of the party, 
who has distanced himself from the 
president since the demonstrations 
began. 

Mr Roh presented a package of 
measures to Mr Chun including an 
TTWTWPdiatq return to attempts to re- ■ 
vise the constitution, a referendum 
if the attempts fail and the release 
of detainees. 

The package appeared to meet 
the minimum demands of the oppo- 
sition . A full reply is expected later 
this week after Mr Chun has con- 
sulted a number of respected South 
Korean leaders about their views. 

Further pressure was put on Mr 
Chun to moderate his stance yester- 
day by the US Govenment Mr Har- 
ry Dunlop, deputy chief at the Seoul 
embassy, visited Mr Kim Dae Jung; 
Smith Korea's other main opposi- 
tion leader, at his home. 


Mr Kim has been under house ar- 
rest since April 10, just before the 
president called off the debate 
about a return to democracy be- 
tween the parties. This decision is 
at the root of the people's protest 
The release of Mr Kim and a num- 
ber of other senior opposition fig- 
ures is one of Mr Kim Young Sam's 
preconditions for talltw with the 
Government 

Dr Gaston Sigur, US Undersecre- 
tary of State for East Asia and the 
Pacific, was expected to arrive in 
Seoul today for consultations. Dr Si- 
gur repeated Washington's calls for 
restraint and dialogue on US televi- 
sion on Sunday. 

South Koreans reacted positively 
to President Chun's move yesterday 
gnd demonstrations subsided in 
most parts o£ the country. 

In Pusan, where rioting has been 
strongly dealt with by police follow- 
ing the death of one of their num- 
ber late last week. Catholic Church 
leaders negotiated the safe conduct 
home without arrest of about 250 
students occupying the church’s ad- 
ministrative headquarters. The po- 
licemen’s death was the first fatali-' 
ty in demonstrations involving hun- 
dreds of thousands of people over 
tiie past 11 days. Two students hit 
by tear gas ca ni sters are seriously 
injured, one surviving on a life sup- 
port machine. 

General William Lhrsey, retiring 
commander of the US Eighth Army 


which is responsible along with 
South Korean troops for the secur- 
ity of the country, yesterday pro- 
vided comfort for those South Ko- 
reans who fear that disruption in 
tiie south will encourage invasion 
by the Communist North. 

He told a news conference that 
although it was dear North Korea 
was watching the situation in the 
South with great interest, there had 
been no unusual military activity 
since the demonstrations began. He 
stressed that the combined, army of 
US and South Korean troops was 
highly competent professional and 
devoted to the defence of the coun- 
try. 

Concern remains in South Korea 
tha t elements in the military might 
attempt to oust President Chun, a 
former general Eke his deputy, Mr 
Roh. Mr Ghnn atta i n e d power 
through a military coup in 1979. 

Analysts believed yesterday that 
providing President Chun pro- 
ceeded in a sincere manner, the cri- 
sis in the country had a good 
chance of being defused. A peace 
march called for today to continue 
the momentum towards democracy 
has been postponed. But although 
the Government has closed the uni- 
versities early for the summer holi- 
days, students were reported to be 
still attending and ready for further 
action if required. 

Editorial Comment, Page 22 


Senior Saatchi executive quits 
after agencies network shake-up 


BY DAVID CHURCHILL AND FEONA McEWAN IN LONDON 


THE SAATCHI and Saatchi world- 
wide advertising group yesterday 
lost one of its key UK executives, 
Mr Jack Rubins, following the re- 
structuring of its international net- 
work of agencies. 

Mr Rubins, who was chairman of 
the Dorland advertising agency, left 
the company suddenly yesterday. 
In a statement last night Saatchi 
said that Mr Rubins had retired to 
become a consultant to the group's 
co mmunica tions division. 

Dorland was acquired by Saatchi 
in 2981 and is the UK's second-hug- 
est advertising agency. Its major 
accounts include Austin Rover and 
Heinz. 

Mr Rubins departure is the latest 
upheaval to rock the Saatchi em- 
pire. It follows recent criticism of 
its handling of the British Conser- 
vative party's recent election cam- 
paign and the difficulties with some 
US clients when it took over the 
Ted Bates advertising agency last 
year. 

Mr Rubins, aged 55, had been 
with Dorland for almost 40 years 
and was seen by City of London an- 


alysts and major corporate clients 
as one of the lynch-pins in building 
up Dorland into the cornerstone of 
Saatchfs secondary global network. 

His sudden departure from Dor- 
land could lead to some clients re- 
considering their use of the agency. 

The Saatchi and Saatchi Compa- 
ny share price closed last night in 
London at B37p, down lip on the 
day. 

Mr Rubins is understood to have 
derided to leave Dorland following 
the long-awaited re-structuring of 
the Saatchi international opera- 
tions, which was wnnniinfH*! in New 
York yesterday. 

Last year Dorland had acquired 
the New York-based Dancer Fitz- 
gerald Sample (DFS) agency in a 
S75m deaL This gave Dorland an in- 
ternational network which it saw as 
crucial in servicing major multina- 
tional cheats. 

Saatchi already had one interna- 
tional network, called Saatchi and 
fimrtnhi Compton Worldwide. 

Under the restructuring, DFS 
and Saatchi and Saatchi Compton 
will merge to form a US-only agen- 


cy called Saatchi and Saatchi DFS 
Compton with hillmg H of S2Jbn. 

The international network of 
both agencies will be called Saatchi 
and Saatchi Advertising Worldwide 
and will have billings of over $4bn. 

In the UK, Saatchi said that Dor- 
land would become an independent 
agency “but having access to the 
Bates network for its clients.” 

Mr Minluml Bungay, Dorkmd's 
chief executive, is to take over as 
chairman from Mr Rubins. Mr Bun- 
gay said that "Jack's decision to re- 
tire was amicable, and he will be- 
come a consultant to the Saatchi 
communications, division." 

Mr Rubins was not available for 
comment last wi ght 

• Saatchi yesterday won an apolo- 
gy and an oot-dkuurt settlement, 
believed to be a nominal £1,000 
(31,800). in its libel action against 
the BBC. Saatchi had issued a writ 
over a Panorama programme about 
Saatchi 's role in the British general 
election raimpflign. 


- CONTENTS 


Europe...... 2*3 

Companies 25,26 

America...... 4 

Companies 25, 26 

Overseas -J 

Companies 28 

World Trade ® 

Britain 9"^ 

Companies 30-32 


Crossword 38 

Currencies 35 

Editorial comment 22 

Eurobonds 29 

Enro-options 38 

Financial Futures ............. 

Gold 34 

InlL Capital Markets.. 29 

Letters 23 

Lex 24 

Management 19 

Market Monitors 48 

Men and Matters 22 

Money Markets 35 

Raw Materials 34 

Stock markets -Bombas .... 43,46 
-Wall Street 43-46 


Agriculture 


Commercial Law 


34 

— landnn m m 

.. 39-42,46 

a 

Technology .......... 


a 

Unit Trusts .......... . 

38-39 

20 

Weather 


34 

World Index 




POLITICAL 
REALITIES 
ON A 
DIVIDED 
ISLAND 


Veteran Turkish Cypriot leader 
Rauf Denktash sees the partitioning of 
Cyprus as the lesser of two evils. Page 2 


Indonesia: tackling the copyright 

pirates 6 

Technology: a buzz to save horses from 

the bullet 8 

Power plants: survey 13-18 

Management: a Euro-network for 

nurturing enterprise 19 

Editorial comment: S.Korea in turmoil; 
over-exposure to floating hazards ... 22 
Japanese in London: foundation laid, 

but plans still vague 22 

European affairs: a need for the 
Thatcher touch 23 

Lex: TSB; British Airports Authority, 
Japanese trading 24 


EC minis ters 
put off talks 
on cash crisis 

BY WILLIAM DAWKINS IN LUXEMBOURG 


EC FOREIGN ministers last night 
abandoned any attempt to try to 
fa cHq the rfotwOc of the Communi- 
ty's finanrinl crisis at next week's 
summit of European government 

heaHs- 

A preparatory meeting for what 
looks set to one of the most troubled 
EC summits of recent years left 
member states as divided as ever 
over how to deal with the Commu- 
nity's growing financial crisis. 

The session coincided with yes- 
terday's visit to Madrid by Mr Wil- 
fried Martens, the Belgian Prime 
Minister, on the first teg of a tour of 
the Community’s capitals intended 
to lobby government leaders to sink 
some of their differences ahead of 
next week's summit 

However, yesterday’s gathering 
did agree that the summit should 
avoid any attempt next week to 
make headway on the details of 
taw to plug the Ecu 5bn (S5R7bn) to 
Ecu 6bn (S&81bn) deficit in the cur- 
rent year's budget and member 
states' inability to set this season's 
form prices - the two financial 
problems of most immediate urgen- 
cy. 

Instead, foreign ministers began 
to draw up an agenda that would 
set only the most general outlines 
on taw member states should make 
progress on the longer-term prob- 
lems of continued depletion of the 
budget and their own inability to 
decide on extra contributions. 

Foreign ministers will meet 
again, informally, over the weekend 
to try to move further towards rec- 


onciling their differences. But EC 
nffipiiak doubted that any solutions 
to the sources of the Community's 
perennial financial problems - bur- 
geoning farm spending and inade- 
quate resources -would be in sight 
for at least another six months, 
when Denmark will have taken 
over the chair of the Council of Min- 
isters from Belgium. 

There is a general co n verg e nce 
of view that next week is not going 
‘ to be the time for making decisions 
on the short term,” said Sir Geof- 
frey Howe, the British Foreign Sec- 
retary. 

The most the summit should try 
to do would be to set a framework 
for derisions on budget reform for 
the next six months, though it was 
inevitable that some questions of 
detail would come up, such as the 
European Commission's controver- 
sial proposal for a tax on oils and 
fats to help plug socn$ of this year's 
bmjggt deficit- 

Sir Geoffrey admitted to being 
encouraged by the greater recogni- 
tion of the feet that "expenditure 
must follow available resources and 
not the other way round." 

Britain, supported to different de- 
grees by West Germany, the Neth- 
erlands and Denmark, is refusing 
to make any extra contributions to 
filling thi s year's budget defi cit — or 
in the longer term paying more for 
social and regional policies - until 
the EC puts a brake on agricultural 
overspending and sets up a system 
of budget discipline. 


Bank forum 
calls for 
changes 
in debt 
strategy 

By Lionel Barber In Washington 

A FORUM for some of the world's 
loading co mmer cial banks yester- 
day issued a strong plea for change 
in the international debt strategy. 

The Institute of International Fi- 
nance said that it was vital for the 
International Monetary Fund to roll 
over gristing loans to debtor coun- 
tries and to raise net lending for 
countries which meet the condi- 
tions of IMF support 

It also called in a report for closer 
and earlier consultation between 
the IMF, commercial banks, the Par 
ris Chib of sovereign lenders, deb- 
tors , and the World Bank, both on 
broad policies and on dealing with 
individual countries. 

The report says that the debt 
strategy developed since 1682 and 
amended by Mr James Baker, US 
Treasury Secretary, in October 1985 
"remains basically valid.” 

But in a tepid endorsement, it 
tint***; “Con tinu ous crisis manage- 
ment over a period of almost five 
years has led to dissatisfaction with 
both the process and the outcome of 
current procedures." 

The institute - which appeared to 
be taking a low profile in the debate 
on how to tackle debt crises - ap- 
pointed an 11-member debt task 
force in late 1986. It said the report 
represented a consensus among its 
180 members, which include Na- 
tional Westminster Bank, CSticorp, 
Dresdner Rank , Chase Manhattan 
and the Bank of Tokyo. 

Among its other recommenda- 
tions are; 

• A strong leadership role by the 
World Bank - a big challenge for 
Mr Barber Conable, the bank presi- 
dent, who faces unrest and dissatis- 
faction among many of his staff fol- 
lowing the reorganisation this year. 
The institute also believes a capital 
increase is urgent 

• Broadening the "menu” of specif- 
ic bank facilities such as medium- 
term revolving trade financing, co- 
financing by the World Bank and 
the commercial sector. "Banks ex- 
pect to develop these options with 
debtor countries and official inter- 
national lenders says the report 

• Greater involvement by private 
sector banks in advising debtors on 
risk management, promoting debt 
to equity conversions, and in at- 
tracting new sources of funds. 

Restoring market access, new di- 
rections in bank lending. Institute 
of International Finance Inc, 2000 
Pennsylvania Avenue, Washington 
DC 20006. 


Two year 
performance 
to 1st June 


Trust 

Percentage 

increase 

Pbation 

in 

Japan 

in valtte 

+127.9 

sector 

21st 

Pacific 

+115.0 

14th 

Worldwide Recovery 

+114.0 

4th 

European 

+108.5 

11th 

Income & Growth 

+93.8 

6th 

UK 

+92.5 

43rd 

International 

+83.6 

17th 

PRACTICAL 

+76.9 

1ST 

High Income 

+64.5 

14th 

American 

+18.7 

31st 


Source OBAoMwiDbid.inaDeraMWed.'SiomincuwteUlST. 

Practical Investment Fund aims to 
provide investors with a comprehensive 
investment policy of above average capital 
growth and increasing real income. This 
has been achieved over the last 46 years 
through a managed portfolio of Invest- 
ment Trusts. 

For further details about the Oppen- 
heimer Practical Investment 
Fund, write to Oppenheimer 
Trust Management Limited, 

Mercantile House, 66 Cannon 
Street, London EC4N 6AE. 

A member company oJ the Mercantile House Group. 






Financial Times Tuesday June 23 1987 


EUROPEAN NEWS 


Bonn warned by 
Bundesbank of 
tax cut dangers 


BY ANDREW FISHER IN FRANKFURT 


THE West German tax cots 
planned for next year and 1090 
to stimulate the economy could 
cause financial problems for 
the public sector, if spending 
growth is not reined back 
sharply, the Bundesbank 
warned yesterday. 

The tax-cutting package, with 
DM 14bn (f4.7bn) due in 198% 
-is seen by both the Bonn 
Government and the Bundes- 
bank as a key West German 
contribution to improving 
growth, though other countries 
—-notably the US— have pressed 
for more. 

The Bundesbank’s warning is 
in line with the Government’s 
own anxiety that even pushing 
the agreed tax cuts through 
will be hard. Ur Lothar Spaeth, 
Prime Minister of the wealthy 
state of Baden-Wuerttemberg. 
has said they should be delayed 
so as to limit the drop in tax 
receipts. 

The central bank said in its 
monthly report that the 
domestic economy, which has 
picked up after the cold winter, 
benefited in the test quarter 
from the 5 per cent rise in 
spending by Federal, regional 


and local authorities. 

But since revenues rose only 
slightly, because of the weak 
economy, their deficits ex- 
panded sharply. Even if spend- 
ing in 1987 slows down later, 
"a considerable increase in the 
state deficits must be reckoned 
with," it added. 

The Bundesbank estimated 
that these could move up to 
around DM SObn from last 
year’s DM 42.5bn and DM 40bn 
in 1985. A further increase was 
likely in 1988. This year, no 
tax cuts have occurred, the 
first stage in the present 
gradual reduction taking place 
in 1986. 

In the first quarter of 1987, 
the deficit of the Federal 
Government was fust over 
DM llbn, some DM 550m 
higher than a year ago. The 
deficit of the Laender (regional 
states) was DM Ifibn higher at 
more than DM 4bn, while the 
local authority deficit was 
fairly steady at around DM 2bn. 

Regional state spending grew 
fastest in the first three 
months, at 6.5 per cent. 

While spending was. sharply 
ahead, however, revenues were 
up only slightly. 


Stoltenberg advocates 
debt for equity swaps 


BY DAVID LASCBAES IN HAMBURG 


MR GERHARD STOLTEN- 
BERG, the West German 
finance minister, urged the 
world’s top bankers yesterday 
to give greater consideration to 
swapping more of their Third 
World loans into equity invest- 
ments to help ease the debt 
crisis, but added that the lend- 
ing countries should take steps 
to halt capital flight and create 
better conditions for Invest- 
ment 

He also told the international 
monetary conference in Ham- 
burg that the lending nations 
should make further efforts to 
ease regulations so that banks 
could write down their loans 
and increase their loss 
reserves. 

At the conference yesterday 
the chairmen of the world’s 


100 largest banks explored 
possibilities for new types of 
financing and reviewed the im- 
pact of the billions of dollars 
of additional loss reserves 
established by the US banks. 

Mr John - McGillicuddy, the 
chairman of Manufacturers 
Hanover, described bankers’ 
feelings as "generally upbeat" 

Although bankers still 
believe that the possibilities 
for debt-equity swaps are still 
limited they said that fixture 
financing for third world coun- 
tries would have to be tied 
more closely to income- 
generating projects. 

They hoped that Brazil's new 
financial plan, when completed, 
might contain more opportuni- 
ties for equity investment 
Brazil is due to present this 
plan next month. 


Paris backs 
Joint force 
with West 
Germany 

By George Graham in Faria 

FRENCH political leaders 
have given cautious approval 
to proposals from West Ger- 
many’s Chancellor Helmut 
Kohl for a joint military 
unit drawn from the two 
countries, despite criticism 
yesterday from hardline 
Gaulllsts. 

President Mitterrand, said 
be approved of Mr Kohl’s 
suggestion, which he saw as 
carrying out the provisions 
of the Franco-German Elysle 
treaty of 1963, but ruled out 
any possibility of France 
rejoining the full command 
structure of the North 
Atlantic Treaty Organisation. 

He said the unit could form 
the "embryo of a European 
defence structure." 

Both Mr Andre Glraud, 
Defence Minister in the right- 
wing government of Mr 
Jacques Chirac, and Mr 
Laurent Fokins, the former 
socialist Prime Minister, also 
backed the proposals for a 
Joint force of brigade 
strength. 

Mr Glraud said the force 
could take the form of an air- 
borne unit with mixed heli- 
copter squadrons, or a 
motorised brigade with its 
own artillery. 

But the keenest supporters 
of the policies of Gen Charles 
de Gaulle, who took France 
out of the joint Nato com- 
mand in 1966, have roundly 
attacked the proposal. 

Mr Michel Debre, who was 
Prime Minister under Gen de 
Gaulle, said Chancellor Kohl 
was "treating serious sub- 
jects with a lade of gravity 
which pains and outrages me.” 

Mr Debre said the plan 
would Indirectly bring about 
the reintegration of French 
troops under US command, 
which Is anathema to sup- 
porters of the faniHq tradi- 
tion. 

The creation of a joint 
Franco-German unit appears 
to be fraught with practical 
dtiKmltiaa, since all German 
forces are subordinated to the 
Nato command s t r uct ur e, 
while since France’s with- 
drawal from Nato foreign 
military installations have 
been barred from French solL 
But the proposal could 
help to pave the way for a 
redefinition of France’s rela- 
tionship with Nato. 


EC ministers in crucial air reform talks 


BY TIM DIC ISON IN BRUSSELS 

EC OFFICIALS and diplomats 
were displaying all the 
nervousness and uncertainty of 
first time airline passengers 
yesterday as they prepared for 
tomorrow’s crucial talks on air 
transport reform. 

Host participants and obser- 
vers in Brussels agree that the 
stakes axe unprecedentedly 
high, but that the outcome of 
the meeting is impossible to 
predict Whatever happens this 
week, they say, it is likely to 
affect the pace and extent of 
air liberalisation over the next 
two u three years. 

On the table for EC Trans- 
port Ministers In Luxembourg 
will be the latest compromise 
package of the Belgian Presi- 
dency — a set of measures which 
have aroused fierced con- 
troversy bat which everyone 
agrees are less far reaching 
than those originally put 


forward by the European Com- 
mission more than a year ago. 

They include plans to intro- 
duce more discount and deep 
discount fares, to prevent air- 
lines and Governments from 
entering into bilateral agree- 
ments which split up passengers 
and revenues on a 50/50 basis 
regardless of underlying per- 
formance (in favour of a mini- 
mum 60/40 at the end of three 
years), and to encourage more 
competition on new and estab- 
lished routes. 

It is this last question — 
usually referred to as market 
access — which continues to 
divide member states and 
illustrates the wide range of 
different vested interests inside 
member states which has made 
political agreement on the 
issue of airline competition so 
elusive over the last few 
months. 

The proposals fall into three 
parts but In essence the nego- 


tiation turns on whether a 
sufficient number of exemption 
and guarantees can be given to 
the four most conservative 
countries — Spain, Italy, Den- 
mark and Greece-r-to "buy" 
their consent to what is a highly 
complex set of proposals. 

The major sticking points are 
the plans for multiple designa- 
tion (allowing more than one 
carrier for each member state 
on an established route), more 
flights between the large so- 
called "hub” airports and 
regional airports, and the rights 
to “fifth freedom." that is the 
ability of an airline to take off 
in one country, set down and 
pick up passengers at an "inter- 
mediate ” destination and carry 
on to a third. 

Detailed proposals have been 
put forward by Mr Hermann de 
Croo, tite Belgian Transport 
Minister, in an effort to Limit 
the effects of these changes on 
the more reluctant member 


states. The latest compromise 
notably includes exempting cer- 
tain airports from any new nun 
to region rules. 

Tomorrow’s meeting; how- 
ever, could founder on the 
opposition of more “ liberal 
member states such as the 
Netherlands to what many con- 
sider to be an ineffective and 
badly watered down package. In 
this respect the attitude of the 
European Commission — which 
has to decide whether to 
exempt Governments and air- 
lines from the competition rules 
of the Treaty of Rome for a 
three-year transitional package 
— is likely to be crucial. 

A special meeting of Com- 
missioners called for today was 
cancelled last night after senior 
C ommissio n advisers appeared 
to have settled their final 
negotiating positions. But ten- 
sions inside the Commission — 
notably between the Transport 
Commissioner Mr Stanley 


Clinton Davis and the Competi- 
tion Commissioner Mr Peter 
Sutherland — are not far from 
the surface. 

C ommiss ion officials yesterday 
also expressed concern about 
Spain's move last week to raise 
the issue of Gibraltar — a 
Category 3 British airport and 
as such one that could be en- 
compassed by the hub to region 
provisions for more cheap 
flights and thereby challenge 
established Spanish carriers. It 
is assumed in Brussels that 
Britain is unlikely to be sym- 
pathetic to any demand to 
change the status of the airport 
and that any flexibility will have 
to come from the other side. 

An indication of the passions 
aroused came last night when 
Gibraltar’s apposition Socialists 
and Labour Party announced 
that it ha£ written a letter to 
the governor asking him to urge 
the British Government to stand 
firm on the airport issue. 


«U U1UOC JIUi VUL UI COOCULC U1C UCgtr UIG nwi c AUUbUUU lUCUiNGA — — 

Four European airlines agree joint computer syste 

BY SARA WBB IN STOCKHOLM 


FOUR OF the leading Euro- 
pean airlines — Scandinavian 
Airlines, System Lufthansa, Air 
France, and Iberia — have 
agreed to set up a joint com- 
puterised distribution system 
in Europe. 

The new system — called 
Amadeus — is expected to start 
running by mld-1989 and will 
cost $300m to set up and de- 
velop. The initial investment 


includes a deal with IBM 
worth about 9140m for the 
necessary hardware and soft- 
ware. 

The system would provide 
customers such as travel agents 
with more detailed information 
about the airlines and their 
related services, including car 
hire, hotels and even theatre 
tickets. - 

"By having a joint distribu- 
tion system, we can secure the 


distribution of our own pro- 
ducts Instead of paying to use 
someone else’s system," said a 
SAS spokesman. 

« He said that SAS had been 
particularly impressed by data 
about American Airlines’ dis- 
tribution system which two 
years ago accounted for 33 per 
cent of the airline’s profit but 
only 8 per cent of turnover. 

SAS already has its own dis- 
tribution system which goes to 


about 6,000 terminals in 
Scandinavian travel agents and 
carries information about other 
airlines. 

However. SAS now faces 
tougher competition in its home 
market as more of the domestic 
travel agents are starting to use 
competing information systems 
from the US airlines such as 
American Airlines and travel 
information from American 
Express. 


While the four airlines would 
own and operate Amadeus 
through a bolding company 
based in Madrid, they want to 
encourage as many of the other 
European and overseas airlines 
as possible to participate. Other 
airlines could display informa- 
tion for free but would have to 
pay a fee for each booking 
made. SAS said that the project 
is expected to break even by 
1993. 


Soviet prime minister 
set to meet Waldheim 


BY PATRICK BLUM IN VENNA 

MR NIKOLAI RYZHKOV, the 
Soviet Prime Minister, will 
visit Austria next month and 
meet Dr Kurt Waldheim, the 
Austrian President who has 
been at the centre of an inter- 
national controversy over his 
war-time past 

The Soviet Prime Minister is 
the highest ranking foreign 
government representative to 
visit Dr Waldheim since his 
election just over a year ago 
and the meeting will end a 
period of embarrassing diplo- 
matic isolation for the Austrian 
president 

It also comes at a time of 
increasing estrangement be- 


tween neutral Austria and the 
US administration which has 
barred Dr Waldheim from 
entering the US because of the 
allegations about his war time 
activities. 

Dr Waldheim has been 
placed on the US watch-list of 
undesirable aliens because of 
suspicions that he may have 
been involved in Nazi atrocities 
in the Balkans during World 
War Two. He has repeatedly 
denied the charges which until 
now remain unproven, but the 
controversy has damaged his 
standing and Austria’s reputa- 
tion internationally. 


Ombudsman to 
quit in Sweden 

By Kerin Done in Stockholm 

MR PER-ERIK NILSSON is to 
resign as Sweden’s chief par- 
liamentary omsbudsman, one of 
the country's most prekigious 
offices, following allegations 
about bis conduct in the post. 

His future as chairman of the 
judicial commission of inquiry 
into the assassination of former 
Prime Minister Mr Olof Palme 
has also been thrown into 
doubt. 

Mr Sten Wickbom, the 
country’s Justice Minister, indi- 
cated yesterday that Mr 
Nilsson’s resignation as chief 
ombudsman could also mean his 
removal from the commission. 

The co mmis sion is now 
finalising its inquiry into the 
chaotic first 12 months of the 
police investigation 


Political leaders to march 
over Barcelona bomb 


BY DAVID WHITE IN MADRID 

AS CIVIC and political leaders 
In Barcelona prepared to head a 
protest march last night in 
reaction to the terrorist bomb- 
ing in a hypermarket last 
Friday, it became clear that 
nobody has emerged well from 
the incident. 

Neither the police nor the 
store management — locked in an 
argument about who should 
have been responsible for 
evacuating shoppers before the 
bomb went off— nor. even by its 
own peculiar terms of refer- 
ence, the Basque extremist 
movement responsible for the 
attack. 

Four more bum victims 


remained on the critical list 
yesterday, threatening to 
increase the death toll of 17. 

The Herri Batasuna (People’s 
Unity), the radical Basque 
coalition linked to ETA, 
repeated Its charge that the 
police shared responsibility for 
the deaths. 

One of its leaders, Mr Jon 
Idigoras. made a weak bid to 
save appearances for ETA, after 
the party broke with past 
practice to condemn the attack 
and ETA itself expressed its 
‘‘sorrow’’ over the killings. 
ETTA’s self-criticism showed 
"political maturity and hon- 
esty,” he said. 


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Protest has been invited, despite misgivings, Margie Lindsay writes 

Hungary pushes on with N-power 


ON a quiet, tree-lined country 
road stands Hungary’s nuclear 
power complex. The four-unit 
plant at Paks, about 80 miles 
from Budapest, has no need of 
high-security fencing or armed 
guards. Hungarians in general 
are in favour of nuclear energy, 
even after the Chernobyl dis- 
aster. In. fact, the Government 
is pushing ahead with its 
nuclear power ■ programme, 
despite some misgivings over 
safety standards. 

Nuclear power in Hungary 
does not exact the same sort 
of public opposition as in the 
West. Public protests against 
nuclear development in Hun- 
gary have so far been muted. 
The “green movement” has 
been mainly concerned with the 
building of a dam on the 
Danube River. 

Most of the opposition to 
increasing the role of nuclear 
energy comes from within the, 
Government The influential 
heavy-industry lobby, of which 
the coal mining sector is a 
strong voice, wants more coal-1 
fired stations, not an increase 
in nuclear power. 

Nevertheless, the Govern- 
ment is determined to build 
more nuclear power stations. 
Five to seven reactors of 1,000 
megawatt each are to be built 
in Hungary in the next few 
years. 

At present, all of Hungary’s 
nuclear production is located at 
Paks, oreviously a quiet farm- 
ing village, now a nuclear boom 
town, on the banks of the 
Danube. All the reactors are of 
Soviet design, but are not 
graphite moderator reactors like 
those at Chernobyl. Called 
VVERs, the units are similar to 
pressurised water reactors in 
the West. 

Three 440 raw reactors are 
already in operation at Paks. A 
fourth 440 mw unit is under 
construction and should be con- 
nected to the grid in September, 
with commercial operation 


• starting by the end of 1987. The 
Hungarians want to build two 
more units of 1,000 mw each 
at Paks, with construction 
scheduled to start in 1689. 

* Although the plant is de- 
signed by the Soviet Union, 
with most of the equipment 
■supplied by East European 


now being installed. Units 
Three and Four will have total 
Hungarian-designed computer 
systems. 

At present, the computer 
operations of Unit One are 
mixed. The reason for the 
change-over was an attempt to 
increase safety margins and to 


Despite old-fashioned technology, having the 
Soviet Union as designer and contractor does have 
its advantages. Under the agreement, Moscow 
supplies fuel and reprocesses it, leaving Hungary 
jonly to worry about disposal of nuclear waste. And 
Hungary is proud of its safety record. Last year, 
‘there were only two automatic shutdowns. 


countries, the Soviet specifi- 
1 cations allow for purchases of 
Western equipment. The most 
jvital safety and regulation 
equipment come from the 
(West, says Mr Gabor Vamos 
operations supervisor of the 
station. This accounts for about 
10 per cent of the total equip- 
'meat of the plant, worth about 
$S0m-$40m (£18.7m-£25m). 

Most of the computer equip- 
ment and software is Soviet- 
made. But the Hungarians 
have developed subsystems 
and program which are 


make analysis of the plant — 
during normal operations or 
during a crisis — as easy as pos- 
sible. 

Despite old-fashioned techno- 
logy, having the Soviet Union 
as designer and contractor does 
have its advantages. Under the 
agreement, the Soviet Union 
supplies fuel and reprocesses 
spent fuel for the next 30 
years, leaving the Hungarians 
only to worry about disposal of 
limited nuclear waste. 

Paks is also proud of its 
safety record. There have been 


no “ accidents.’' Last year, ther 
were only two reactor trips- 
antomatic shutdowns— on Uni 
One and two on Unit Two. Th 
trips were caused by equipmen 
malfunctions and, according t 
Mr Vamos, were not serious. 

Monitoring of radiation level 
is carried out by the plant a 
well as independently by th 
Hungarian health authorities 
There are permanent mooitoi 
ing stations within a three mil 
radius of the plant, with othe 
monitoring stations situated a 
a maximum 30 miles away. 

Despite the advantages o 
nuclear energy to Hungary 
however, there is some officla 
opposition to increasing role o 
nuclear energy in electricit; 
production. The coal lobby ha 
recently submitted a report b 
the Government trying to prov 
that coal-fired stations would to 
cheaper for Hungary that 
expansion of nuclear energy. 

Whether opposition to thi 
extension of this type of energ; 
will grow in Hungary, or on it 
borders, is difficult to judge a 
present Regardless of the prob 
lems and cost, the Governmen 
appears committed to ext en din; 
in Hungary’s nuclear energ; 

Last year, nuclear station 
supplied just over 22 per cen 
of electricity. This is plannee 
to rise dramatically for tiu 
years after 2010. 


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Responsible editor: R.A. Harper, 
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EXERCISE OF "WARRANT” VAUD FOR THE PURCHASE 
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In July 1987 

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Poland’s central Hungarians Turkish massacre lifts toll to over 600 

br^cpd 

1^ 1 A l BY DAVID BARCHARO IN IZMIR 

ll/i II 1C | 1 F V ■flll I II ftfll* £SHY TURKEY’S MINISTER of the which has been responsible for in the region, and to pressurise easy short term objective. There parliament 

_ 8 *“ fikVU wvlitefil AV-FM. xmzha. Interior, Mr Yildirim Akbulut, most of the armed attacks in local communities into aban- are about 8m Kurdish speakers massacre. . 

« -m yesterday toured the scene of south eastern Turkey in the last doning their loyalty to the in Turkey, sharply divided was aimed 

• m • ■ last weekend's massacre in 34 months. central government. The among different tribal and recognise 

A — - m - — y i«l ...ki«v 41 wlIJn/iM fn ifiL- J -A -_.f «_ M .j A p.'hf ta.;!;*—. .m i« i4;b1am m^iinc TJ»A» ham A fflbllHv f 

economic reform 


by Christopher bobjnski in Warsaw 




niarci 


A CONTROVERSIAL plan to 
strengthen the Polish zloty 
through a series of economic 
reforms prepared by Poland's 
Central Bank is urging tight 
control over money supply in a 
bid to bring down inflation, now 
running at 18 per cent, to single 
figures within two years. 

The as yet unpublished report 
admits that controlling the 
present high growth of nominal 
incomes will be the most diffi- 
cult part of the plan which 
seeks to Improve efficiency but 
also envisages clashes with 
powerful industrial and political 
lobbies. Professor Wladyslaw 
Baka, the bank's chairman, has 
already won the approval of the 
Communist Party Politburo for 
the plan but has yet to gain the 
endorsement of the Govern- 
ment. 

The programme envisages 
tough credit conditions for com- 
panies and warns that this 
could cause social tension inside 
enterprises and on a wider scale. 
“We must however, undertake 
the risk and go through such 
a phase,” it argues. This 
approach is in contrast to 
present policy which seek to 
minimalise industrial unrset by 
conceding wage demands and as 
a result tolerating unplanned 
growth in incomes. 


The NBP predicts that failure 
to go through with its pro- 
gramme would lead either to a 
process of accelerated inflation 
which is already beginning or 
price controls and a "destruc- 
tion" of the retail market. The 
plan calls for a review of 
present investment programmes 
with a view to cuts, elimination 
of inefficient producers and 
price increases on scarce goods 
such as cars and petrol to 
achieve a balance between 
supply and demand. 

It looks to Western govern- 
ments and bankers to ease 
repayments conditions on 
Poland's $35bn debt and to pro- 
vide new credits to boost 
exports. The NPB also 
envisages the decentralisation 
of the banking system next year 
with new banks set up to deal 
with companies on a commercial 
basis. 

The ultimate aim is to achieve 
convertibility for the zloty but 
meanwhile the plan suggests 
that Poles should be able to 
buy foreign currency at free 
market rates and that currency 
held by Poles could in effect 
be sola to the banks at the 
same price at present over 
three times the official exchange 
rate. 


Bonn rocket dispute delays 
pact on arms, US confirms 


THE chief US arms negotiator, 
Mr Max Kampelman, said yester- 
day a dispute over 72 West 
German rockets was delaying 
an arms control pact with the 
Sovie t Union, Renter reports 
from Geneva. 

" It serves obviously to delay 
matters," he said, adding that 
Moscow had raised the issue 
only recently. 

The 72 Pershlng-la rockets 
belong to West Germany, but 
their nuclear warheads are con- 
trolled by the US. 

Moscow has said the warheads 
would have to be removed from 
Europe under an arms control 
pact on medium and shorter- 
rangp missiles being negotiated 
with the US. 

Mr Kampelman also noted 
that the U5 was waiting for a 


response to its draft treaty on 
intercontinental nuclear missiles 
presented in early May. 

** We would very much like 
the Soviets to table their 
Strategic Arms Reduction 
Ours has been in for six weeks 
now and we want to start with 
the 50 per cent reductions,” he 
said. 

President Ronald Reagan 
and Mr Mikhail Gorbachev, the 
Soviet leader, agreed in prin- 
ciple during a summit in Ice- 
land last year to cut strategic, 
or intercontinental, arsenals by 
50 per cent Each side has some 
10,500 nuclear warheads on 
these weapons. 

Mr Kampelman was speaking 
at the US diplomatic mission 
while awaiting chief Soviet 
negotiator Mr Yuly Vorontsov. 1 


By Leslie Colitt in Budapest 

HUNGARIANS are bracing 
themselves for a fiscal upheaval 
as the Communist leadership 
prepares to introduce VAT and 
other Western-style taxation for 
the first time in Eastern 
Europe. 

The central tax office is to 
open its doors on July 1 in 
Budapest while hundreds of 
tax inspectors are being trained 
and a powerful new computer 
to process tax forms has been 
purchased with the help of 
funds from the World Bank. 

VAT and personal taxes for 
wage earners will be accom- 
panied by the lowering of cor- 
porate taxes in order to reward 
efficient companies. Companies 
which previously paid a 55 per 
cent tax on earnings will pay 
some 40 per cent. 

The gap in revenue is to be 
made up by reducing subsidies 
to both producers and con- * 
sumers. As elsewhere in 
Eastern Europe the Hungarian 
Government receives most of its 
revenue from company taxes 
while individuals pay little or 
no tax. 

Understandably ordinary 
Hungarians and the nation's 
many inefficient companies are 
less than enthusiastic about the 
government's fiscal plans. 

Mr Mikios Pulai, Deputy 
Chairman of the National 
Planning Office, who is in 
charge of the tax programme, 
explained that VAT and the 
simultaneous elimination of 
most consumer goods subsidies 
would result in a 5 per cent 
* overnight " price increase. 
This plus other price rises 
would mean a record consumer 
price increase of more than 10 
per cent next year against an 
expected 7 per cent this year. 

“ We will be crossing the 
Hungarian psychological bor- 
der," he noted drily in an 
interview. 

Some senior party officials 
are concerned that taxation — 
coming on top of declining real 
income in recent years — could 
lead to a backlash from the 
population. But government 
officials say the political 
leadership under Mr Janos 
Radar is determined to press 
forward. 

Mr Pulai said there has been 
no decision yet on income tax 
progression but that it would 
probably start at 20 per cent 
and run up to 60 per cent 


BY DAVID BARCHARD IN IZMIR 

TURKEY’S MINISTER of the 
Interior, Mr Yildirim Akbulut, 
yesterday toured the scene of 
last weekend's massacre in 
which 31 villagers, including 16 
children, were gunned down by 
a Kurdish separatist group 
calling itself the ARGK or 
Peoples' Army for the Libera- 
tion of Kurdistan. 

The Turkish press and public 
opinion responded with anger 
and incomprehension to the 
news of the massacre at Pinar- 
cik in Mardin province near 
the Turkish Syrian border. 

It is still not clear what the 
ARGK is. Some observers specu- 
lated that it might be a break- 
away faction of the better 
known and equally violent PKK 


which has been responsible for 
most of the armed attacks in 
south eastern Turkey in the last 
34 months. 

The death toll in the guer- 
rillas’ campaign has now 
reached over 600. There have 
been a total of 440 incidents in 
which lives have been lost. 
Some 220 Turkish civilians, 
almost all of them local Kurdish 
villagers, have been murdered 
along with 147 Turkish soldiers 
and gendarmes. A further 245 
terrorists have been killed and 
876 taken prisoner. 

As far as can be judged the 
attacks have had two main pur- 
poses: to demonstrate that the 
Turkish Government is in- 
capable of maintaining control 


in the region, and to pressurise 
local communities into aban- 
doning their loyalty to the 
central government. The 
majority of non-military attacks 
have been targetted on village 
headmen and guards. 

'At Pinarcik. the ARGK distri- 
buted leaflets calling on all 
people loyal to the Turkish 
Government, whom it described 
as " agents " and “ militias " to 
surrender. 

President Kenan Evren and 
Prime Minister. Mr Turgut 
Ozal. both Issued statements 
when news of the massacre 
became known, pledging to con- 
tinue to harry the rebels until 
tiiey were totally crushed. 

This no longer looks like an 


easy short term objective. There 
are about 8m Kurdish speakers 
in Turkey, sharply divided 
among different tribal and 
dialect groups. They have a 
long history of challenging 
central government, but at 
least until recently separatist 
movements have had only 'a 
minority following among them. 

Yesterday's raid may have 
been intended to commemorate 
a tribal rising in 1937 which 
was the last major rebellion in 
Turkish history. It also has 
more international ramifica- 
tions than may be immediately 
obvious. The Turkish press 
yesterday was linking a resolu- 
tion passed by the European 


parliament on Friday with the 
massacre. The resolution which 
was aimed a getting Turkey to 
recognise its alleged respon- 
sibility for the Armenian 
diaspora after 1815 accused 
Turkey of not recognising the 
existence of a Kurdish problem. 

Several papers yesterday ran 
banner headlines calling on the 
European Parliament to be 
ashamed of itself, while one 
paper, the conservative daily 
Tercuman, published a front 
page commentary in English 
saying that the European Parlia- 
ment had as much blame for 
the Pinarcik deaths as the Nazis 
did for their concentration 
camps or the Red Army did for 
the Katyn forest killings. 


Denktash learns to read his enemy 


Larry Klinger meets 
Turkish Cypriot leader 
Rauf Denktash in 
northern Nicosia 


FOR Mr Rauf Denktash, the 
63-year-old veteran leader of the 
Turkish Cypriots and long-time 
political duellist with Archi- 
bishop Makarios, the late Cyprus 
President, the Turkish mainland 
troops stationed in the north of 
the island since their 1974 in- 
vasion are the real peace- 
keepers. 

Without them, Mr Denktash 
and the majority of his 150,000 
compatriots who elected him 
president of the unilaterally 
declared Turkish Republic of 
Northern Cyprus are convinced 
that they would by now either 
have been killed or forced to 
leave an island nation domi- 
nated by the Greek mainland. 
Indeed, whatever the cost of 
the invasion, the effective 
partitioning of the island has 
meant at least that Inter- . 
communal murdering has been 
stopped for the past 13 years. . 

Mr Denktash and I met at 
the beautiful former residence 
of the British colonial Nicosia 
district commissioner, which 
now serves as his presidential 
palace, a far cry from the small 
southwestern village of Ktlma.- 
where he was born. 


one would expect from his law 
training at Lincoln's Inn. 
London, mixed with a softness 
nurtured alongside his long- 
standing image as a man-of-then 
people, keen gardener, photo-1 
grapher and cook. But his 1 





Denktash: Life-Urns struggle 


words never lack the edge that 
portrays what he views as the 
unrelenting injustice handed 
.out to his people over past de- 
cades fay Greek Cypriots bent 
on the island’s full unification 
as part of the Greek nation. 

■ Mr Denktash is criticised, 
even among Turkish-Cypnot 
politicians, for bis consistently 
unbending language towards 
leaders on “ the other side." 
Close colleagues however, main- 
tain that it is unreasonable to 
think that he should temper 
remarks based on years of 
indignity suffered at the hands 
of Greek-Cypriot ministers and 
a life-long struggle which has 


more than one occasion. 

. True, being a leader in 
Cyprus is not entirely conducive 
to prolonged relaxation, in 
[addition to the more than - 
125,000 Tu rkish mainland troops 
.estimated to he in the north. 


there are about 2,000 Greek 
mainland troops thought to be 
in the south, tens of thousands 
of young Turkish and Greek 
Cypriots in local armies, sup- 
ported by reserves which could 
double their strengths within 
24 hours, probably more than 
5,000 troops on Britain’s 
sovereign bases and 2,400 
United Nations soldiers sup- 
posedly separating the lot 

1 The most contentious of these 
forces are the Turkish main- 
landers, who invaded at Mr 
Denktash’s request under 
Turkey's guarantor powers, sutK 
sequently occupied more than a 
third of the island to protect 


and whose presence has since 
been twice condemned by the 
TJN and may well be again if the. 
Greek Cypriots press their case 
In New York later this year. As 
yet, Mr Denktash’s state is 
recognised only by Turkey. 


Many non-Cypriot observers 
believe that the Turkish 1 
military presence almost 
guarantees lack of agreement tc 
the bizonal federation proposed 
by UN Secretary-General Perez 
de Cuellar and accepted in 
principle by Mr Denktash. The 
dilemma, they believe, is that 
the north cany only feel secure 
eough to negotiate while the 
troops remain and the south, 
.still fearing further Turkish 
military ambitions, can only 
fee] able to negotiate when the 
troops have gone. 

Mr Denktash says that he left 
the troops issue to " the judge.” 
'meaning the Secretory-General. 
"The judge said: ‘ Isn't this a 
good thing. As you talk about 
the constitution, land and other 
matters, you also talk about a 
programme of withdrawal of 
the troops, not only Turks but 
Greeks . . . and you prepare 
a timetable. As that moment 
we have a transitional govern- 
ment set up, jointly.’ 

"We said, alright, tins is 
fair. The Greek Cypriots said, 
alright, this is ffcir, until the 
moment when (the Premier of 
.Greece) Mr Papandreou said, 
‘don’t be silly, don't sign it.’ 
So, what else can we do? Can 
we afford to send the Turkish 
troops away while these people 
are the Government of Cyprus? 
Telling os that Cyprus is Greek 
and they will make it Greek? 
It’s impossible. So when they 


be out first, it is because they 
don’t want a settlement. They 
prefer the status quo.” 

Moreover, he said, interna- 
tional conditions militated for 
retention of the status quo: the 
US Government was hostage to. 


its Greek lobby; Britain was 
hostage to Greek Cyprus In 
wanting to maintain its bases 
there; Greece bad no interest 
in an agreement because lack 
of one provided a political 
weapon in its dispute with 
Turkey in the Aegean; the 
Soviet Union sought to prolong 
the dispute to disrupt the North 
Atlantic Treaty Organisatioa 

I put it to Mr Denktash that 
there are increasingly voiced 
suspicions that he and Turkey 
might also prefer the status 
quo: the consolidation of a non- 
Greek state along the Turkish 
coast with a new deep-water 
harbour, a new military air- 
port and a local economy which 
is slowly improving. 

"You must accept that, sin- 
cerely, we want a settlement on 
this problem, and we feel sin- 
cerely that it can be settled if 
the Greek Cypriots abandon the 
idea that they are the govern- 
ment of the whole of Cyprus.” 
he replied. 

Finally I asked whether 
there was still enough trust re- 
maining in Cyprus that the one 
side could even believe what 
the other said. 

Yes, he said, even today on 
certain issues, with certain 
leaders. "But." he said, “with 
Kyprianou, whatever we said 
we would do, even after a sig- 
nature. he always found a 
reason for running away. 

"Know your enemy, know 


in every trade. We know that 
when a Greek Cypriot leader 
says ‘We want the unity of 
Cyprus/ it is what they 
destroyed that they want back, 
not the sovereignty which 
.rests on partnership.” 


t' r»’w«75’ 







4 


00 Financial Times Tuesday June 23 1987 


OVERSEAS NEWS 


Shias fight as 
threats over 
newsman mount 


BY NORA BOUSTANY IN BEIRUT 

INTENSE SYRIAN efforts to secure 
the release of US newsman Mr 
Charles Glass, kidnapped with the 
son of Lebanon's Defence Minister 
coincided with an outbreak of hos- 
tilities between Shia factions in the 
southern suburbs. 

Heavy fighting trapped residents 
of the mainly Shia shuns on Bei- 
rut's southern fringes in their 
homes, as members of the Baalbek 
Mikdad clan battled with gunmen 
of the mainstream Shia Amal 
movement 

Amal offings refused to link the 
violence in Bir al-Abed, Rweiss an 
Mouawad, with Syrian warnings to 
the pro-Iranian Hizbollah to free 
Mr Glass, Mr Ali Osseiran, the son 
of Lebanon's Defence Minister and 
their driver, abducted south of Bei- 
rut last Wednesday. 

The Shia Amal movement is Syr- 
ia's closest ally in Lebanon. Mr Na- 
bih Bern, Amal chief and Shia min- 
ister, returned to Beirut from Dam- 
askus over the weekend to take 
part in the drive to secure freedom- 
far the 36-year-old American jour- 
nalist and his companions. 

The chief of Syrian military intel- 
ligence in Lebanon, Brig Ghazi 
Kanaan, met with Sheikh Mo- 
hammed Hussein Fadlallah on Sun- 
day and told him that President Ha- 
fez Assad of Syria looked upon the 
affair with great personal interest 


and considered Ali Osseiran, 40, his 
own son. ... 

The Mikdad dan has links with 
the pro-Iranian Hizbollah (Party of 
God) which wants the release of Ali 
Hamedz - brother of a senior Hiz~ 
bollah official - who is facing trial 

in Frankfurt on charges of possess- 
ing explosives, hijacking a Trans 
World Ai rlines flight to Beirut in 
19B5 and wiling a US navy diver on 
board. 

Yesterday, Mr Helmut Kohl, the 
West German Chancellor, vetoed a 
US request for his extradition, a de- 
cision bound to strain Bonn's rela- 
tions with Washington. 

Two West German businessmen 
were kidnapped in West Beirut af- 
ter Hamadi's arrest at Frankfurt 
airport. It is concern about their 
fate that has led to rejection of the 
extradition request Yesterday It 
was not dear what bearing - if any 
- the decision would have on the 
fate of Mr Glass and his compan- 
ions. 

Sources in Mr Nabih Bern's 
house told journalists he was pro- 
mised the three ‘hviQ be delivered in 
48 hoars or else other methods will 
be used," following a meeting be- 
tween the Shia leader and Brig 
Kanaan Mr Beni » ti d ed that they 
had discussed “conditions in the 
southern suburbs, especially after 
the kidnapping.’ 


Sharjah coup leader seeks 
control of finance and oil 


BY RICHARD JOHNS 

Sheikh Abdul-Aziz bln 
Mohammed al-Qassimi is 
demanding control of finance, 
oil and gas and internal security 
as a condition for his giving up 
his claim to the leadership of 
Sharjah in favour of his 
brother Sheikh Sultan whom be 
attempted to depose last Wed- 
nesday. He also wants an 
executive council and appointed 
parliament to take part in 
governing the Emirate. 

The power struggle yesterday 
remained unresolved despite 
the fact that all the Rulers of 
the other six member states 
of the United Arab Emirates 
decided to confirm Sheikh 


Sultan as the legitimate leader 
of Sharjah. As a compromise 
they have proposed that Sheikh 
Abdul-Aziz be named Crown 
Prince. 

Soldiers of the Emir! Guard 
commanded by .Sheikh Abdul- 
Aziz were reported yesterday to 
be digging trenches around the 
court building where he has 
established himself. 

The Supreme Council of the 
UAE met on Sunday night at 
El Ain, an oasis town in the 
Emirate of Abu Dhabi. Several 
brothers of Sheikh Sultan were 
understood to have attended the 
session and appear to have sup- 
ported him. 


Accord to 
limit 
Soviet 
influence 

AUSTRALIA and the US said yes- 
terday that they were co-operating 
to limit Soviet influence in the 
South Pacific, but disagreed sharp- 
ly over French nuclear testing in 
the region, AP reports from Sydney. 

The US endorsed the tests, but 
the Australians gairi the explosions 
created animosity toward the West 
Australia also warned that US 
trade policies amid undermine sup- 
port for the effort to Hmit Soviet in- 
fluence in the South Pacific. 

The views were expressed, in pub- 
lic comments by the US and Aus- 
tralian foreign and defence minis- 
ters before and after their annual 
meeting on defence and economic 
issues. 

Both skies agreed that the So- 
viets have increased their efforts to 
win friends in the region by trying 
to buy fishing rights from na- 

tions. 

Mr Caspar Weinberger, US De- 
fence Secretary, said the Soviets 
have increased their forces in the 
Pacific at a foster rate than in any 
other part of the world. 

Mr Bill Hayden, Aust ralian for- 
eign minister, said the Soviets - 
who have gained shore access by 
signing r fishing agreement with 
the island of Vanuatu - show “evi- 
dence that when they get on foe 
ground they engage in other activi- 
ties that are unreiiatod to commer- 
cial matters." 


BHP welcomes 
oil deregulation 

BROKEN HILL (BHP), the Austral- 
ian energy steel and mining group, 
welcomed the Governments deci- 
sion to deregulate crude oil market- 
ing, Reuter reports from Mel- 
bourne. 

The Government said yesterday 
it would free crude oil marketing 
from January 1, thus ending its nor- 
mal bi-monthly setting of the Im- 
port Parity Price and the require- 
ment for refiners to take a set allo- 
cation of local crude. 

The decision removes one of foe 
uncertainties affecting oil explora- 
tion and is a step towards placing 
the Australian industry on an equal 
footing with compet i tors, foe com- 
pany said. 


Andrew Whitley in Jerusalem reports on the influx of US sportsmen 

I’s sporting st 


WHEN ISRAEL play India in the 
quarter final of the Davis Cup next 
month, for the first time an Israeli 
sports team will have been permit- 
ted to play on Indian soil. 

Sport, like everything else in Is- 
rael, is inextricably intertwined 
with politics. And international 
sport is for Israelis all about the re- 
cognition of the Jewish state as an 
equal member of foe community of 
nations. 

To compel India, which because 
of its tending role in the Non- 
Aligned Movement has consistently 
cold-shouldered Israel, to host an 
Israeli team was a sweet diplomatic 
breakthrough for the Foreign Min- 
istry in Jerusalem. 

Soccer should be the most popu- 
lar sport in Israel. But basketball is 
the only major team game in which 
Israeli teams have been able to 
overcome the sporting quarantine 
into which the country is normally 
consigned. 

The deep-seating craving for in- 
ternational applause and success is 
so strong font basketball is now the 
largest organized sport in Israel In 
a country of barely 4m, 32,000 play- 
ers are organized in a phenomenal 
1,430 basketball teams. 

Through one team in particular, 
Maccabi Tel Aviv, national champi- 
ons with monotonous regularity for 
the past IB years, Israelis have sa- 
voured the pride of seeing their side 
on tiie winner's rostrum. 

When Maccabi Tel Aviv beat the 
Russian Red Army squad 10 years 
ago and went to win the European 
Cup for the first time, the nation- 
wide explosion of joy was so over- 


whelming that the announcement 
of the then Prime Minister Mr Yitz- 
hak Rabin, that he was resigning 
passed almost unnoticed. 

“We’re on the map," shouted Mr 
Tal Brody, a lanky American Jew- 
ish immig rant who captained the 
team, in a phrase that has gone 
down into sporting history. Corre- 
spondingly, when the Israeli Cham- 
pious were narrowly beaten last 
April in the finals of the European 
championship, foe gloom was pro- 
found. 

MaccabTs success, and the rise in 
popularity of the game, has resulted 
directly from the US professional 
basketball players they and other 
local teams have imported over the 
past decade, to provide foe brawn 
and height the smaller Israelis can- 
not matctwln the European Cup fi- 
nals, Maccabi Tel Aviv had five US- 
born players - the maximum per- 
mitted is two foreign citizens and 
three naturalized Israelis - in their 
squad. 

Every major league Israeli bas- 
ketball team has its “Americans", 
most of them blades. Usually num- 
bering two or three, Elitzor Natan- 
ya, an aggressive newcomer to the 
Israeli first division, can field six. 

They usually come to Israel as 
raw college sports graduates look- 
ing for experience, or else out of 
frustration at not having made the 
grade in the US big leagues. The 
money, by comparison with Israeli 
standards, is good: $50,000 to 
$80,000 for a six-month season, with 
fringe benefits such as a car, flat 
and return air tickets thrown in, is 
typical for foreign players. 


A few, like Michael Ray Richard- 
son, formerly of the New Jersey 
Nets and considered one of the 
world’s top players, may sign up for 
an obscure Israeli team because 
they have been banned by foe NBA 
in foe US after a drug conviction 
and need a temporary "parking” or- 
bit 

Drugs are not unknown in Israeli 
basketball either. Aulde Perry, the 
US-born player who pioneered the 
Israeli connection 10 years ago, is 
currently in jail in New York on a 
heroin smuggling charge. 

According to the basketball feder- 
ation, there are about 40 registered 
foreign players in Israel- But there 
are dozens more who have changed 
their nationality. Israeli or Ameri- 
can passport holders, they can often 
be seen loping together along the 
Tel Aviv Seafront head and shoul- 
ders above astonished local pass- 
ers-by. 

Most stay for a few seasons be- 
fore moving on. But for those who 
do decide to make their careers in 
Israel, getting round the numerical 
restriction is not over-arduous. 

Foreigners who are not Jewish 
can become Israelis - and thus 
qualify instantly as local players - 
in one of a number of ways. Marri- 
age to an Israeli was until recently 
one easy way of earning foe right to 
citizenship, though this could not be 
done in Israel, where the Rabbinate 
rule the roost in all aspects of per- 
sonal law with an inflexible hand. 

The answer was a spate of "quick- 
ie” marriages in nearby Cyprus, ar- 
ranged by less-than-scrupulous bas- 
ketball teams eager for a share of 


Maccabi Tel Aviv’s glory. Then the 
Interior Ministry began to crack 
down. 

The other backdoor entry route 
used by a number of well known 
sportsmen - including Peter Lori- 
mer, formerly of Leeds United, now 
AJon Ben-Avrabam of the Hapoel 
Haifa football team - is one exclu- 
sive to Israel If you are a Jew, Is- 
raeli citizenship is deemed auto- 
matic under the law of return. The 
perennial catch, an ever-burning 
po litical issue, is “who is a Jew?” . 

In a celebrated recent case. Rabbi 
Yitzhak Peretz, the right-wing Inte- 
rior Minister, resigned rather t han 
accept the supreme court's order 
that a US immigrant, Ms Shos han a 
Millar , be registered as a fully- 
fledged Jew. 

Tens of thousands of Ethiopian 
Jews, brought over in a secret airlift 
which dramatized the length foe Is- 
raeli state will go to defend Jews in 
trouble, are still - two years later - 
suffering from the orthodox Rabbi- 
nate's refusal to accept their reli- 
gious bona fzdes. 

But when local sporting enmity 
with their secular rivals is involved, 
it seems the rabbis are prepared to 
waive their high criteria for Jewish 
eligibility. 

Elitzur Netanya carries the Sag 
for religious Israelis in the field of 
basketball. It does not play or prac- 
tice on the sabbath, nor are its 
members permitted to eat in nan- 
kosher restaurants. On the other 
hand, none of its six “Americans” 
are genuine observant Jens. 


The club forms part of the Elitzur 
Organisation set up in 1938 as a 
sports organisation (and framework 
for military training) for young reli- 
gious-minded Jews, in head-on 
competition with Hapoel, the much 
larger, sporting branch of the Hista- 
drut Labour Federation. 

Cart Neverson, at 28 a five-year 
veteran of Israeli basketball, is one 
of foe Netanya team's US. con- 
verts. Admitting that many of his 
colleagues had it much easier - 
ra sh is said to work wonders in cer- 
tain circles - he went through a 
three-month course with "a basket- 
ball rabbi" in New York before com- 
ing to Israel 

Like many sporting "new Jews", 
Neverson has yet to do bis compul- 
sory military service. Nor has he 
been troubled too much by his 
dub's religious affiliation. He does 
not wear a skullcap or the braids 
dangling from their belts which are 
de rigueur for the observant com- 
munity. 

This season’s highest scorer in Is- 
rael has a new arrival Ron Davis of 
New Orleans and Betar Tel Aviv. 
“Sure Fd consider converting, 0 be 
said cheerfully. "It would make the 
tPHm stronger, help ns get more for- 
eign players onto it" 

Not everyone is so happy about 
the implications, as an Israeli coach 
explained: It’s much cheaper to 
buy a ready-made player. But I per- 
sonally object to having so many 
foreigners with us. It blocks the 
way of our own young generation. 
We are cutting the branch on which 
we are sitting.” 


NZ tycoon offers Bavadra 
government-in-exile offices 


BY DAI HAYWARD IN WELLINGTON 


MR BOB JONES, a New Zealand 
properly millionaire, has offered 
Dr Timoci Bavadra, the 
deposed Fijian Prime Minister, 
facilities to set up a govern- 
ment in exile in New Zealand. 
At the same time Prime Minis - 
ter David Lange urged Dr 
Bavadra to 44 go home and help 
resolve Fiji’s constitutional 
crisis." 

Mr Lange said that for Dr 
Bavadra to go back to Fiji would 
not be acquiescing in the coup 
which toppled his Government 
a month ago and he would be 
able to use his support in work- 
ing towards restoring constitu- 
tional government. Mr Lange 


said before their formal meet- 
ing in Wellington that the New 
Zealand Government no longer 
recognised Dr Bavadra as Prime 
Minister or his Government 
Mr Jones, who has been an 
outspoken critic of the military 
takeover in Fiji, offered Dr 
Bavadra office space, facilities 
and support for a government 
in exile on the 11th floor of 
Mr Jones's multi-storey office 
block in central Wellington. 
This building also houses the 
Fiji High Commission on the 
fourth floor. Mr Jones has been 
trying to evict the High 
Commission from the day after 
the military coup. 


Tokyo may 
cat targets 
for N-power 

By Peter Bruce in Tokyo 
THE Japanese Government is to 
consider soon whether to cut 
its long-term nuclear power 
targets by more than 40 per 
cent in a massive scaling-down 
of a programme that has 
already cost it more than 
YlOObn- 

The Government's Atomic 
Energy Commission urged in a 
new plan presented yesterday 
that total nuclear power output 
be cut from a projected 90m 
KW to 53m KW by the turn of 
the century. 

The Cabinet is dueteo discuss 
the plan, a revision of a target 
set by the Commission in 1982, 
in August. 


Long-serving senior army 
officers retired in China 


A BATCH of 34 senior Chinese 
army officers have been retired 
with the personal approval of 
Deng Xiaoping, the supreme 
leader, as part of a plan to 
rejuvenate the military’s leader- 
ship, an official newspaper said 
yesterday. Renter reports from 
Peking. 

All the officers held ranks 
higher than full army com- 
mander In the Peking Military 
Region, one of the seven sub- 
divisions of the People's Libera- 
tion Army, the China Daily said. 

All had service records dat- 
ing back to the communist 
Long March (1934-35) or to 
China's war against Japanese 
occupation and had been re- 


centely commended. 

The retirements are part of 
a continuing programme to re- 
duce China 's armed forces by 
lm men, modernise weaponry 
and promote younger and more 
highly-trained officers. 

Hong Kong newspapers close 
to Pelting have said 80 per cent 
of China's regional military 
leaders will have been re- 
placed when the process is com- 
plete. 

O The Prime Ministers of 
China and Pakistan called for 
the withdrawal of foreign 
forces from Afghanistan and 
Kampuchea, and for good rela- 
tions with their neighbour India 
at talks in Islamabad yesterday. 


AMERICAN NEWS 


Iran-Contra hearings approach climax 


BY LIONEL BARBER IN WASHINGTON 


THE IRAN-CONTRA hearings 
reopen on Capitol Hill today 
for what promises to be the 
decisive final stage in the Con- 
gressional investigation of the 
affair. 

Over the next eight weeks, 
the joint House-Senate Select 
Committee will hear evidence 
from President Ronald 
Reagan's closest current and 
former advisers. Their testi- 
mony is considered critical to 
establishing how much he and 
other senior US officials knew 
about the secret arming of the 
Nicaraguan Contra rebels, and 
whether they engaged! in a 
cover-up. 

The mood among committee 
members has stiffened in 
recent days, partly as a result 
of the legal controvery sur- 
rounding future testimony by 
a key witness. Lt-Col Oliver 
North. But there is also a sense 


of impending confrontation 
with the White House, likely to 
be provoked by testimony from 
a former national security 
adviser, Rear-Admiral John 
Poindexter. 

One senior committee mem- 
ber told the Washington Post 
that the admiral's testimony 
was expected to be “very ex- 
plosive.” Another noted that 
three earlier witnesses— retired 
Major-Gen Richard Secord, Ms 
Fawn Hall, Col North former 
White House secretary, and Mr 
Ellit Abrams, a senior State 
Department official — had not 
told the whole truth to the com- 
mittee. 

The committee, previously 
leak-proof, is starting to let out 
some embarrassing disclosures. 
Yesterday, the Wall Street 
Journal reported that the tSate 
Department's top lawyer, Mr 
Abraham Sofaer, had 


threatened to resign last 
November because of mislead- 
ing Congressional testimony 
prepared for Mr William Casey, 
the CIA director, who has since 
died, about the Administra- 
tion's arms sales to Iran in 
exchange for US hostages held 
in Lebanon. 

Mr Casey— a linchpin in the 
Iran affair, whose testimony 
the committee would have 
needed — was also reported to 
have held a meeting with Col 
North, at a private house in 
Washington, with Contra 
leaders during a Congressional 
ban on any CIA involvement 
with the Tebels. 

Col North has been issued 
with a new subpoena by the 
committee, ordering him to 
hand over by today documents 
and diaries related to his role 
in financing and arming the 
Contras and arranging the wea- 


pons shipments to Iran. If he 
does not comply, be faces con- 
tempt proceedings by Congress, 
in addition to federal contempt 
action over refusal to comply 
with a grand jury subpoena. 

House-Senate counsel are 
also negotiating with Col 
North's lawyer to press for the 
officer to give private testi- 
mony, as a preparation for his 
public appearance under 
limdted Immunity which could 
take place in the third week of 
July at the earliest Some 
members, noting the legal 
wrangles, doubt if Col North's 
pledge to tell his story is 
sincere. 

Admiral Poindexter's public 
testimony is likely to take place 
in the second week of July, lay- 
ing the groundwork for later 
testimony by Mr George Shultz, 
Secretary of State, Mr Caspar 
Weinberger, Defence Secretary, 


Mr Donald Regan, former 
White House Chief of Staff, and 
Mr Robert Gates, Mr Casey's 
deputy at the CIA. 

This week, the hearings will 
begin with Mr Glenn Robinette 
a former CIA employee who 
installed an electronic security 
system at Col North's home in 
Virginia, at a cost of $2,000. 
Mr Charles Cooper, Assistant 
US Attorney-General, is ex- 
pected to talk about the pre- 
paration of misleading testi- 
mony for Mr Casey, and Mr 
Stanley Sporkin, former CIA 
counsel, is likely to be ques- 
tioned closely about his former 
boss. 

Mr Michael Ledeen, 
National Security Council con- 
sultant, iwho was close to the 
Israelis in the Iran arms sales 
operation, is to appear on Fri- 
day. 


Lionel Barber on a Democrat presidential candidate who is not afraid of self-promotion 

Babbitt sets out to polish his image 


MR BRUCE BABBITT, one Of 
the more thoughtful Democrat 
presidential candidates, was 
standing in the middle of a herd 
of pigs. 

" Duroc crossbred sows," 
grunted an appreciative Mr 
Charlie Duffy, owner of the 220- 
acre organic farm in eastern 
Iowa which had just received 
Mr Babbitt and his political 
entourage. 

Almost all publicity is good 
publicity for Mr Babbitt, 48, the 
lanky former two-term 
Governor of Arizona who says 
he arrived in ths crucial mid- 
west farming state a year ago in 

terrible anonymity." 

So he joined 7,500 cyclists in 
the Des Moines register’s an- 
nual bicycle race across Iowa. 
TV hat he lost in pounds, he 
gained in headlines. Last month 
be splashed out $140,000 
(£86,000) — half of his allotted 

television advertising budget 

simply to promote his name. 

More than seven months re- 
main before the Iowa caucuses, 
the first chance for Democrats 
to cast their vote for a favour- 
ite. The premature exit of the 
party's front dinner — Mr Gary 
Har t — has whetted appetites 
among the seven declared 
Democrat candidates who 
know that Iowa can be the 
springboard for the nomina- 
tion. 

. Of all Mr Babbitt's qualifica- 
tions for the presidency, the 
most attractive is that he is a 
Democrat who knows how to 
govern in a Republican en- 
vironment, He served nearly 


nine years as Governor of 
Arizona, a sun-belt state domin- 
ated by the conservative repub- 
licanism of Senator Barry 
Goldwater for more than 25 
years. In 1982 he was re-elected 
to the job with 62.5 per cent 
of the vote, the highest re-elec- 
tion majority since World War 
Two. 

As a western Democrat with 
a distinctly son-ideological ap- 
proach to politics, Mr Babbitt 
appeals as a 41 new deal-maker” 
an astute managerial type who 
has a good grasp of detail — 
and a track record. At least 
once in every speech he man- 
ages to drop references to a 
1986 national survey by Inc 
Magazine which showed the 
Arizona economy as the 
fastest growing in the Union. 

Mr Babbitt is also attracted 
to new ideas. His compact cam- 
paign slogan <15 that he 41 dares 
to be different," and he con- 
siders some of his early pro- 
posals to be progressive: means- 
testing for social security. Medi- 
care and tax deductions (such 
35 J? or jg*$es on second homes). 

Babbitt says social pro- 
grammes should be 44 targeted 
on the basis of need; 44 his pro- 
posals would in fact go much 
further than say, Mrs Thatcher, 
in removing government 
subsidies from the 
middle classes and confining 
them to those who really need 
protection. 

Mr Babbitt has spiced his 
domestic agenda with some 
modem populism. He says he 
was outraged to read about foe 


multi-million dollar bonuses 
recently paid to senior managers 
at General Motors, while 
workers were either sacked or 
forced to swallow wage cuts. He 



Babbitt: earnest honesty 

suggests that one way to res- 
trict such practices would be 
to remove tax exempt status to 
corporate bonuses (just as 
Federal law imposes some curbs 
on corporate pension benefits). 

“ We also need a better 
mechanism for settling labour 
disputes in this country Instead 
of the courts.” says Mr Babbitt 
who fancies himself as some- 


thing of a labour relations buff 
having called out the Arizona 
National Guard in 1983 during 
a bitter local copper mine 
strike, and two years later acted 
as moderator between manage- 
ment and unions. 

By far bis most ambitious 
idea concerns reform of the 
world trading system. President 
Babbitt, we are told, would call 
foreign leaders to an inter- 
national conference modelled 
on Bretton Woods, the epoch- 
making 1944 international 
agreement on exchange rates. 
He would propose scrapping 
all tariffs and quotas and invent 
a new world of 44 multilateral 
balance ” — whereby any 

country running a trade surplus 
ovei an agreed threshold would 
be required to take corrective 
action. 

As set out in a recent 
Washington Post article, the 
Idea appeared to ape Congress- 
man Richard Gephardt’s 
retaliatory mechanism in the 
House Trade Bill Mr Babbitt 
says the reverse is true: the 
target country itself would bear 
responsibility for cutting it 
surplus, not the plaintiff. 
41 Faced with that choice, I 
believe it would opt to open its 
markets,” he says in an argu- 
ment which is stronger on 
description than prescriptions. 

Out on the road. Mr Babbitt 
has a disarming tendency to use 
a paragraph where a sentence 
will do. Being a cerebral type, 
he uses words tike 44 oxymoron *' 
In front of voters— which 
certainly gives a new meaning 


to substantive Smalltalk. He is 
not a great stump speaker, 
rating way below bis challenger 
Senator Joseph Biden and the 
New York Governor Mr Mario 
Cuomo, who says he is not 
running. 

There is, however, an earnest 
honesty abont Mr Babbitt, 
whose south west drawl and 
clean good looks come across 
like James Stewart playing the 
sheriff to clean up the town. His 
advisers have yet to capitalise 
fully on this, concentrating 
instead on a stock speech which 
badly lacks resonance. 

One version begins with young 
Babbitt in Bolivia in the sum- 
mer of 1962. There, as a geology 
student, he saw "foe face of 
starvation," whereupon he con- 
verted to the Democrat Party. 

Three years later, in his 
third year at Harvard Law 
School, he read about Jimmy 
Lee Jackson, foe black student 
shot dead in Selma, Alabama, 
for exercising his right to vote. 
He went to Selma, marched, 
and sang " We Shall Overcome." 
Suddenly he jumps to his call 
for a new moral direction in 
the 1980s, a new competence 
to deal with tbe Japanese and 
Mr Gorbachev, and a campaign 
against Wall Street speculators 

Such as Ivan Boesky. 

Like foe candidate, foe 
speech needs some polish, Mr 
Babbitt still has some way to 
go in his search for self- 
definition, but no further than 
the Democrat Party itself as it 
gathers its forces for the cam- 
paign next year. 


DOB board 
seeks end 
to deadlock 
ova* vetoes 

By Alexander Nkoil 

THE BOARD of the Inter- 
American Development Bank Is 
to meet in Washington today, 
In a renewed attempt to break 
a long deadlock over replenish- 
ment over the institution's 
resources. 

Other countries have insisted 
on a 40 per cent veto, or the 
US plus two other executive 
directors. They say that to give 
the US virtual veto power — 
Canada would normally be 
expected to vote with it — 
would undermine the bank's 
multilateral nature. 

At present, decisions are on 
a simple majority', and foe 25 
la tin and Caribbean countries, 
to which IDB loans are made, 
have 54 per cent of the votes. 

The US has mounted a cam- 
paign to exert greater control 
over the running of foe bank. 
as the price for allowing it to 
step up its lending and play 
a fuller role in tbe plan by Mr 
James Baker, the US Treasury 
Secretary, to finance troubled, 
developing country debtors. 

Other industrialised countries 
and Latin American member 
nations have accepted the 
thrust of the US argument but 
the debate has been stalled for 
months on a US proposal that 
each loan decision could be 
vetoed by a 35 per cent vote — 
the US plus one other 

Fierce drought 
smites farmers 
In NE Brazil 

By I vo Dawnay in Rio de Janeiro 

A NEW drought in the Im- 
poverished north-east of Brazil 
has bankrupted tens of thou- 
sands of small farmers and is 
causing grave national concern. 

Droughts have devastated the 
region for centuries, recurring 
about every six or seven years 
and forcing mass emigration by 
families to escape starvation. 
They head for foe richer indus- 
trialised regions of ifoe centre- 
south and for the less populated 
lands of foe Amazon region. 

Mr Taraisio Burity, governor 
of the state of Paraiba. has been 
i Brasilia to appeal for special 
aid for bankrupt farmers. The 
drought had reduced output of 
staples such as corn and beans 
to just 10 per cent of a normal 
harvest, he said. 

Although the Government had 
introduced preferential interest 
rates of 6 per cent a year for 
north-eastern farmers, this was 
not enough. 


US Supreme Court 
lets banks place 
commercial paper 


BY WILLIAM HALL IN NEW YORK 


THE US commercial banking 
industry yesterday won another 
round in its long battle to 
become more heavily involved 
in the investment banking busi- 
ness. The US Supreme Court 
upheld a lower court ruling 
that lets banks place com- 
mercial paper. 

The Supreme Court decision 
ends an eight-year legal battle, 
which began when the Securi- 
ties Industry Association (SLA), 
the main trade association of 
Wall Street's investment banks, 
challenged a decision by 
Bankers Trust, a leading US 
commercial bank, to enter the 
rapidly growing US commercial 
paper business. 

The long legal battle has 
been monitored closely by the 
rest of the US banking industry, 
which has seen many of its 
traditional blue-chip corporate 
clients satisfying a growing 
amount of foeir short-term 
borrowing requirements in foe 
commercial paper market, as 
opposed to relying on short- 
term bank loans. 

The Supreme Court, without 
comment, left intact a lower 
court ruling that banks may 
place commercial paper 
although it did not rule on the 
controversial question of 
whether they are premirted to 
underwrite commercial paper. 
This is foe subject of a separate 


law suit now before tbe courts. 

The latest action upholds a 
US Appeal Court decision of 
last December. This court 
rejected arguments by the SIA 
that allowing banks to deal in 
commercial paper could under- 
mine the financial stability the 
US Congress sought to achieve 
through the passage of the 1933 
Glass-Sieagall Act, which 
separated US commercial and 
investment banking. 

The Appeals Court ruled that 
Bankers Trust was not invest- 
ing its own funds in speculative 
securities and was not buying 
commercial paper itself. The 
bank only acted as an agent 
m the commercial paper trans- 
action and received a commis- 
sion. 

Bankers Trust welcomed the 
decision yesterday and said that 
w « “ final confirmation " of 
the legality of its commercial 
P a P£ r placement service 
The Bankers Trust case has 
been a cause c&lebre in foe US 
banking industry. Several banks 
have followed its lead and 
■moved into the business of 
placing commercial paper for 
their clients. 

. Supren,e Court decision 
yesterday win not affect the 
Us banks in foe 
E«5 m l? reiai paper market They 
bad been operating normally, 
pending foe outcome of tin 
Supreme Court case. 


™ ° suprem e Court case. 

Alf onsin visit raises hop* 
of US Falklands mediati 

BY TIM COONE IN BUENOS AIRES 


THE PRIVATE tour to foe west 
°i,A he US ^ President 
Rauj Alfonsui of Argentina, 
which ends today, has raised 
further expectations of possible 
us mediation in foe Falkland 
Islands dispute. 

M. r AHonsin has been accom- 
panied by a high-powered dele- 
gation, including Mr Dante 
Capo to. foe Foreign Minister. 
Mr Juan Sourouille, fo e 
Economy Minister, and Mr 
Theodore Gildred, the US am- 
bassador in Buenos Aires. The 
envoy, who has been the prime 
mover of the tour, said at the 
weekend that the US wishes to 
See important issues" regard- 
ing the islands being dealt with 
this year." 

,.M[. Caputo is to travel to 
Washington and New York this 
week, when he is due to meet 
Mr Robert Gelhard, the US 


22?"*? Assistant Secre 
iw e South Am*™ 
Per ^ z de Ceullar, 
Secretary-General, am 
Argentine delegation 

Alfonsin said just 
*8°. during his 
SwrtMriand, that foe Su 
Governments were 
for ways forward on t 
Pute. This raised swk 

iw ? ossIble . contact^ 
view to negotiations are 
pipeline. 

. However, th e 
issue remains foJ 

Araent? l ° * rei, ewal o 

£n5 n 5 ,ia i™ 1 * 1 * that 

must be a British conn 
at some point to disci 

a-*®-** not iS 
thaf ^ Government 

thai Sovereignty is n 
negotiation. 


5 


Financial Times Tuesday June 23 1987 


SOME OF OUR PUBS HAVE BECOME A 
LOT MORE SUCCESSFUL SINCE 
WE ADDED GROUND COFFEE, BROCCOLI 

AND GR1YERE TO THE BEER. 


Its certainly been a recipe for success in Soho. In 1983, The Helvetia in Old Compton Street, was one of those pubs where 
three pints of bitter and a packet of cheese and onion crisps was a big order. Today on the same site, expensively padded shoulders josde 

with each other at the bar, for another couple of champagne cocktails before dinner. 


■‘.,4 4 - : .•/ \ 




r! 00i 


JL r y 




- 1 


rf (»!•: i v \ \i‘.u r \ > : in jju.u: i i.\ i> 


And in Bolton, we found what they were crying out for was a really 
traditional pub. The Howcroft is now packed every night and has anything but 
traditional profits. In the last few years we’ve spent £270 million on our pubs. And in some places we noticed the last thing people wanted 
was another pub. So we’ve turned them into cafe-bars, restaurants or wine bars. And giving people what they want really pays off. 


In three years the Soho Brasserie has paid back every penny we invested in 
it and established itself as what one magazine described as, ‘the Rovers Return of the 
media set’. And it’s a perfect example of the way we’ve been looking at our 6900 pubs. 
Not of course that we intend to put brasseries on every street corner. 

The Soho Brasserie is just one result of our policy of researching what’s 
missing in an area, then building it. In Watford, we discovered what would get 
people out for the night was a night spot. So we converted a large roadhouse pub into 
The Gamebird. It’s now a thriving, jiving success, turning over £750,000 a year. 



Our profits have never been higher. The success of places like the Soho Brasserie is all part of our commitment to our role as a 


leading international food, drink and leisure group. Which is of course, of litde consolation to our competitors. 
So we offer them this advice. To achieve our success, start by discovering what’s missing from your beer. 





0 Financial Times Tuesday June 23 1987 


WORLD TRADE NEWS 


US criticised 


for ‘failures’ 


EC acts 
to extend 


in Japan deals 


dumping 

duties 


John Murray Brown reports on legislation aimed at controlling a booming industry 

Indonesia takes the counterfeiters to task 

_ . . „nw nubile libraries are no 


By William Dawkins in Brands 


THE PRESIDENT of the Kansai In- 
ternational Airport Company (K2- 
AC) yesterday berated foreign com- 
panies for not trying hard enough 
to win contracts for the controver- 
sial (S6bn) construction project, 
Reuter reports from Osaka. 

“Whether Americans are putting 
enough effort into entering the Jap- 
anese market... is doubtful," said 
Mr Yoshio Takeuchi. 

The plan to build the airport out- 
side this industrial city has turned 
into a major international row. 

Foreign countries, led by the US, 
have charged Japan and the K1AC 
with shutting them out of the lucra- 
tive construction project, due to be 
completed in 1993. 

But Mr Takeuchi said that it was 
up to foreign companies to change 
their ways and adapt to the Japa- 
nese markets if they wanted a piece 
of the action. 

They should not expect Japan to 
change to meet tbeir demands, he 
said. 

As if to drive his point home, Mr 
Takeuchi last week rejected US 
rails for changes in the design 
teams and bidding procedures tor 
the project 


"Unlike American firms, we have 
a large number of in-house 
e ngin eers" he told US Commerce 
Undersecretary, Mr Bruce Smart is 
a letter. "We therefore do not intend 
to include foreign or any other out- 
side firms in our design teams." 

The Japanese put forth a jot of 
effort in trying to export," Mr Tak- 
euchi said. "They strive hud to 
overcome language, culture and 
other differences." 

But foreign companies did not 


seem to put as much effort in pene- 
trating the Japanese market Some 


Prating the Japanese market Some 
even believed they could enter the 
local construction market fvithout 
speaking Japanese , he said. 

"Whether ifs Civil p'ngineprmg or 
whatever, work cannot be done 
unless the workers undarstand,” Mr 
Takeuchi said. 

But Mr Takeuchi said foreign 
companies would be given a fair 
chance to win contracts in the con- 
struction of the inte rnational air- 
port 

Earlier this month, Kansai Inter- 
national awarded consultancy con- 
tracts to airport authorities from 
Britain, France, West Germany, 
and the US. 


US and EC seek 
end to ‘pasta war 9 


BY WILLIAM DAWKINS IN BRUSSELS 

TALKS in the "pasta war" between agreement by the time the US has 


the US and the Common Market re- legislated for the details of an ac- 
sume today in what Mr Willy de “to over pasta and citrus fruit 


Oerq, the European Co mmissione r trade, which were the source of a 
for external trade, described yester- major US-EC row last year. 


day as the "last round" of the year- Mr de Clercq annonnrorf yester- 
lang negotiations over EC pasta ex- day that he would visit Washington 


port subsidies. 


between July 6 and 9 to try to head 


Mr Jim Murphy, the assistant US off protectionist trade legislation 
Tirade Representative, is to meet cow being debated in the Senate 


trade officials at the Co mmissio n and House of Representatives. 


today to press for substantial cuts Mr de Clercq said he would be _ 


in the su b sidies the EC pays its pro- twain ng m threats in Washington 


ducers. 


next month but that he would spell 


However, Mr de Clercq said yes- out the consequences for US inter- 
terday that any solution would have ests in Europe if any trade legiria- 


to leave subsidies unharmed. The tion was passed that was "in fla- 
two rides are commit ted to finding grant violation of Gatt 


THE European Community 
yesterday gave itself the power 
to extend anti-dumping duties 
to the components of products 
made in the. EC. 

The measure, agreed at a 
meeting of the Community’s 12 
foreign ministers, gives the EC 
one of the toughest defences 
against predatory pricing any- 
where in the world. 

An accord was worked out in 
principle last week by EC 
ambassadors, but the formal 
announcement was reserved for 
yesterday’s foreign ministers’ 
meeting to send a strong 
political signal to Japan, 
officials said. 

While the measure is 
primarily aimed against Japan 
in response to a chorus of com- 
plaints from EC companies over 
alleged unfair trade practices, ti 
can be used against any ex- 
porter to the EC which tries to 
circumvent anti-dumping duties 
by setting up assembly plants 
inside the Community and using 
dumped parts. 

“We cannot be accused of 
being weak by the people who 
make international trade more 
difficult,” said Mr Leo Tinde- 
mans, Belgian Foreign Minister 
and chairman of yesterday’s 
meeting. 

In a reference to Japan’s 
burgeoning trade surplus with 
toe Co mmuni ty, he added: a If 
we cannot have an equilibrium 
in the trade balance, the situa- 
tion becomes impossible. Some- 
thing has to be done.” 

Commission officials denied 
that investigations had yet 
started into any so-called screw, 
driver plants, though Japan is 
said to have recently been 
building up manufacturing in 
the Community in photocopiers, 
weighing machines and elec- 
tronic typewriters. 

Anti -dumping measures can 
from now on be applied to EC 
manufacturers with close links 
to a company already subject 
to dumping levies. The new 
penalties would bite if the EC 
plant steps up output after 
duties on imports of a similar 
product are imposed. 

They would only apply to pro- 
ducts that are more than 60 per 
cent composed of parts from 
the country concerned, with the 
rest coming from any other 
source, in or out of the EC. 


Imitation may be a form of 
flattery but in Aria today It Is 
also the backbone of a multi- 
million dollar counterfeit 
industry attracting the wrath 
of the US and, more recently, 
the European Economic 
Community. 


Indonesia this week becomes 
the latest country to confront 
the problem when the military- 
hacked Government of Presi- 
dent Suharto puts an 
amendment to the 1982 
copyright law before the 
People’s Assembly. According 
to Hr Ismael Saleh, the Justice 
Minister, the hew legislation 
covers foreign films, music, 
books and computer software 
and provides for stiff penalties 
of up to five years in jail with 
fines of $15,000— much in line 
with toe US. The law is likely 
to be passed in September. 
Legislation on patent is 
expected to follow. 

Officials appear keen to play 
down what is clearly a sensitive 
Issue bearing on questions of 
sovereignty and national 
interest — a curious legacy of 
former President Sukarno, who 
in 1958 left the Berne conven- 
tion on copyright in a blaze 
Of anti-colonialist rhetoric, still 
popular in some quarters 
today. Whether or not the 
Government is cow attempting 
to save face, there is little 
doubt the barrage of interna- 


tional criticism has quickened 
the pace of legislation. First 
there was the embarrassment 
of Mr Bob Geldof, the Irish 
pop singer, accusing Indonesia, 
or more accurately the country's 
cassette and video pirates, of 
making $3m from sales of tapes 
of the Live Aid Concert held 
to raise money for the starving 
of Africa. 

More damaging, perhaps, has 
been the threat of trade sanc- 
tions under provision of the US 
Generalised System of Prefer- 
ences used to help developing 
countries export to the US. Last 
July the Internationa] Intellec- 
tual Property Alliance, a US 
industry group, filed a petition 
to the trade representative in 
Washington under the 1974 
Trade and Tariff Act calling for 
an end to GSP concessions to 
Indonesia. It cited “ the pirated 
recordings of the Live Aid con- 
cert as a particularly pernicious 
example of the broader pro- 
blem.” 

Such criticism is not likely to 
carry much weight in the 
assembly this week. Though it 
has yet to throw out one piece 
of legislation in 20 years, the 
legislature is expected to take 
a more than cursory look at this 
amendment, the first item 
debated since the general elec- 
tions in April. As one official 
remarked: “There are more 
mavericks In the house this 
time.” 



President Suharto 


Nonetheless, the decision to 
press ahead with reform has 
meant the GSP hearings have 
been suspended, providing the 
Government with valuable 
breathing space. The US was 
probably influenced by two key- 
note judgments recently passed 
in Indonesia’s Supreme Court. 
Under the 1951 Trademarks Act, 
rights are created by first use. 
though registration has proved a 
good defence in a civil action 
for infringement In December 
an Oregon-based shoe manu- 
facturer successfully reversed 
an earlier decision by the 
Supreme Court taken in favour 


of the Indonesia counterfeiter. 
In March this year Revlon, the 
New York cosmetics group, won 
a s imil ar verdict. The powerful 
US Pharmaceuticals Manufac- 
turers’ Association was sub- 
sequently persuaded to 
withdraw complaints filed on 
patent violations. 

According to Mr Bambang 
Kesowo. head of the legal de- 
partment at the state secretariat 
and a member of the 14-man 
presidential commission set up 
last July to prepare legislation, 
pharmaceuticals remains a 
major bone of contention. The 
Health Ministry is busy lobbying 
for an exclusion bn patent, a 
position taken by South Korea 
and now the centre of a pro- 
tracted dispute with producers 
in Europe and the US. 

The ministry's concern 1s tha t 
in this $42Qm-a-year industry 
dominated by some 40 foreign 
companies including Glaxo. 
ICL Beech ams and the ‘Well- 
come Foundation, patent would 
give producers carte blanche to 
raise prices. An i ndep endent 
survey by the industry shows, 
however, that less than 5 per 
cent of products on the market 
would be covered, their patents 
having already expired. In any 
event, the new laws may prove 
harder to enforce. There is 
little sign shopkeepers are 
clearing shelves ahead of a 
clampdown. Th roadside photo- 
copier still does a brisk trade 


and public libraries are not yet 
warning readers, as now hap- 
pens in Singapore. 

The impact of legislation on 
the economy is equally uncer- 
tain No one really believes 
it will stem the downward trend 
in foreign investment .which 
peaked in 1982 at $2.8bn. but 
fell last year to $82 6m. 

For one thing, companies 
the law is deemed to protect 
are not necessarily the ones 
ready to invest in Indonesia. 
A computer software manufac- 
turer, for example, may feel 
more confident about selling his 
preduct. However, he is 
unlikely to want to Invest capi- 
tal in Indonesian plant Unlike 
India, where International Busi- 
ness Machines is now expand- 
ing operations, Indonesia has 
only a tiny pool of the skilled 
scientists and technicians neces- 
sary for such a joint venture. 
Even with the amendment 
passed, the EEC's concern is 
that it may lead to a bilateral 
agreement with the US, as bap- 
pened in South Korea and 
which is still a matter of dis- 
pute between Seoul and 
Brussels. 

“ If there is no linkage, there 
is no value for third countries,” 
says Mr Rudiger Weak, the 
EEC delegate in Jakarta. The 
Commission would like to see 
Indonesia once again ratify the 
Berne convention. 


Gulf nations seek Iowa* 
petrochemical tariffs 


isuzu ships | Japanese loans sought 


GULF Co-operation Council 
(GCC) ministers open talks in 
Brussels with their European 
Community (EC) counterparts 
today on the contentious issue 
of European tariffs on Gulf 
petrochemical exports. Beater 
reports from Riyadh. 

The GCC — grouping Saudi 
Arabia, Kuwait, the United 
Arab Emirates, Oman, Qatar 
and Bahrain — has tried with- 
out success since 1981 to get 
the EC to cut or eliminate 
duties on their petrochemicals. 

Gulf nations have spent bil- 
lions of dollars building petro- 
chemical plants and argue that 
the EC taxes are unfair in 
light of the low level of duties 
— sometimes nil — they place on 
imports from Europe. 

The EC counters that since 
its taxes are imposed on 


imports from all nations, it 
would be unusual to grant 
special preference to the rich 
Gulf nations. 


diesel engines 
to W Germany 


for Polish car plant 


By Ian Rodger In Tokyo 


The Gulf grouping has never 
retaliated for the European 
duties, but has given indications 
it may seek to link action on 
that issue with agreement on 
cooperation in other areas. 

The Saudi newspaper 
al-Riyadh said it haped “the 
new dialogue might bring more 
understanding from the EC. We 
have to create co-operation on 
an overall view, not a limited 
one tailored to Western 
interests alone. ” 

The daily charged that EC 
“excases and reservations on 
accepting competition from 
petroleum products from the 
Gulf are exaggerated.” 


ISUZU MOTORS, the Japanese 
automotive group, has begun 
shipping l,500ce diesel engines 
to Opel in West Germany in a 
deal expected to involve 42,000 
engines a year. 

Genera! Motors of (he US 
owns Opel and has a 38,6 pier 
cent stake in Isuzu, 

The deal will provide a major 
boost to Isuzu, which has suf- 
fered considerably in the past 
year from the high yen and 
intense competition in the 
domestic market, For the year 
to October 31, 1986, Isuzu had 
a net loss of Y3.9$tm <£17m) 
compared with a net profit of 
Y13.S8bn in the previous year, 
Isuzu is a leading truck and 
diesel engine maker in Japan 


A GROUP of four Japanese 
companies is asking the 
Government for loans to Poland 
so it can produce small passen- 
ger cars, officials said yesterday, 
AP-DJ reports from Tokyo. 

The four are Daihatsu Motor 
Co and three trading companies 

Mitsui, c. Itoh and Snmitomo 
Qerp. They are trying to export 
a plant capable of making as 
many as 120,000 passenger cars 
a year and to transfer related 
technologies to the communist- 
bloc country. 

Company officials refused to 
discuss the scale of the entire 
project. But a spokesman for 
Daihatsu said the export of the 
plant ttself would be worth 
about Y40bn (£*71m). 

Though options are being 
considered, the group’s stance 
to seek a full government com- 


mitment to providing the bulk 
of necessary loans stands un- 
changed. officiate said. 

The government is facing 
difficulties, however, since such 
assistance to Poland by Western 
nations has been halted as a 
result of that country's inability 
to pay back $33.5bn (£2lbn) in 
debt accumulated by the end of 
last year. 

Officials denied a newspaper 
report that the four companies 
are ready to seal an agreement 
putting into final shape the pro- 


J ect, for which Daihatsu and 
taly’s Flat have been vying. 
The report said Daihatsu is 
expected to win the bid. It said, 
further, that the group will sign 
a final agreement as early as 
this summer, with production 
slated tp begin next year. 


Henry Ansbacher&Co. Limited furnish the following information 
on behalf of Groupe Bruxelles Lambert SA. in respect of a rights issue. 


KWIK SAVE GROUP 


p.I.C. 


This is not an offer of bonds. 

Applications for bonds may be made only outside the U.K. 
and on die terms of the prospectus referred to and obtainable as mentioned below. 
The prospectus is not available in, and will not be sent to, die UJC. 


(“KWIK SAVE”) 


GBL 


Tender Offer on behalf of 
Dairy Farm International Holdings Ltd. 

("Dairy Farm") 


Groupe Bruxelles Lambert s.a, 


Head office: avenue Mamix 24, B-1050 Bruxelles 


Rights Issue of Subordinated Bonds with Warrant 
6% - 6 Years of EF 3,760 par value 


A circular from the Board of Kwik 
Save is being posted today to Kwik 
Save shareholders regarding the 
tender offer on behalf of Dairy Farm, 


Terms lbond 

for every 8 shares 

Price at par 

Subscription period 23rd June to 7th July 1987 

Warrant one warrant is attached to each bond 
and entitles the holder to acquire 
one GBL-share at BF3,760 


Shareholders are advised to 
TAKE NO ACTION 

regarding the tender offer until 
they receive the circular. 


Application for the prospectus may be made to the head office as well as to 


KWIK SAVE 


Belgium Banque Bruxelles Lambert 
Banque Paribas Belgique 
Gen&nale de Banque 
Kredfetibank 
Credit General 
Caisse Privee Banque 

France Banque de Gestion Frivee-SEB 
Banque Lotris-Dreyfus 
Banque Paribas 
Banque Worms 
Banque Natianakde Haris 

Luxemburg Banque Internationale a Luxembourg 
Banque Paribas (Luxembourg) ° 

The Netherlands Alge m e ne Bank Nederland 
Banque Paribas Nederland 


v 


V, 





) 




OPEN WINDOW 

BY 

Raoul Dufy 



* 


OPEN WAY 

BY 

ICL 


Both are masterpieces in their own way But, 
while the Dufy might look good on your board- 
room wall, ICL's Open Way programme will 
have a far more profound effect on your 
business. 

Open Way is, quite simply a new and 
complete approach to networking. One that 
embraces all the different sources of infor- 
mation in your business- not just data, but 
voice, text and image systems too. 

The Open Way programme enables all 


these existing systems to be joined together- locked into a single system or supplier again, 

opening the way to the faster flow of infor- The Open Way programme represents ICLs 

mation you need to retain and enhance total networking capability incorporating all 
your competitive edge. ICLs networking skills, products and services. 

As you would expect from ICL, the Open Open Way is a philosophy for success, so 
Way programme has been designed around whether you’re currently an ICL user or not 
the International Open Systems standards. Open Way will open up a brighter future for your 

So not only different types of equipment but business- helping 
different manufacturers’ equipment can work you make more of 
together. This gives you real freedom for the your resources and 
future by ensuring that you need never be more of your people. 

We should be talking to each other. 





Open Window al St Jean net c.1926 by Raoul Dufy copyright D*CS 1987 


FOR MORE INFORMATION DIAL 100 AND ASK FOR FREEFONE ICL ICL IS A MEMBER OF THE STC PLG GROUP- 



8 


TECHNOLOGY 


A buzz to save horses from the bullet 


Alan Cane reports on Electrovet, which promises faster-and lower-cost treatment of tendon and other injuries 


WORTH 

WATCHING 


M ELECTROVET " an equestrian 
colleague said approvingly. 
“You’ve really hit the hottest 
topic in the horse world 
there ! " 

Tack rooms around Britain, 
it seems, are buzzing with 
interest in die Electrovet, a 
new technique for treating 
horses with tendon and other 
injuries. 

It promises faster healing at 
dramatically lower cost _ and 
without recourse to traditional 
methods which, to the outsider 
at least seem more related to 
medieval torture than veterinary 
science. 

Electrovet Is based on gentle 
electrical stimulation of the 
affected part at low levels of 
current and voltage. It has been 
described as a kind of electrical 
acupuncture. 

Electrotherapy, the London* 
based company which manufac- 
tures and markets the device, 
suggests somewhat diffidently 
that the electrical field gene- 
rated by the device reinfo rces 
the natural electrical activity 
which characterises a healing 
wound. 

In truth, it seems likely that 
nobody knows why it works, any 
more than Western medical 
snecialists understand the 
physiological basis of acu- 
puncture. 

But of course, doctors have 
nsed treatments like aspirin for 
decades without a detailed 
understanding of how they 
work. 

Electrotherapy and its manag- 
ing director, Lord Robin Innes 
Ker. have nevertheless met with 
resistance from the veterinarian 



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Electrovet comes to the aid of sfaowjnmper Ryan’s Son, with rider John Whitaker (left) and 
Electrotherapy managing director Lord Robin Innes Ker (right) 


profession, a resistance which have used 
is only sow starting to crumble vet, as da 
in the face of the Electrovefs Whitaker, 
track record of success. It- also 


have used and endorse Electro* horse’s back. Wires carry the 
vet, as does show jumper John current to the affected parts 


assured 


traditional treatment for 
damaged tendons, a hideous 
business called “ blistering ” 
where the injury is scorched 
with hot irons. Nobody knows 
how that works either; there 
are theories that scar tissue 
from the blistering strengthens 
the tendon. 

Humane treatment apart, a 
major justification for Electro- 
vet lies in cost savings. Horses, 
as any Dick Frauds fan knows, 
are flighty creatures prone to all 
sorts of ailments from pulled 
tendons to swollen joints. 
Tendcss go under the kind of 
stresses imposed on them by 
racing. An expensive racehorse 
lamed by tendon trouble earns 
no fees and costs its owner a 
fortune in stabling and vet’s 
charges. 

Of course if they don’t 
improve, they shoot horses don’t 
they? One expert remarked 
bluntly: “What Electrovet does 
is tell you in a much shorter 
time whether a horse is worth 
saving or not.” 

The device has wider appli- 
cations in the animal world. It 
has been used successfully on 
stud bulls, dogs and sheep. Lord 
Innes Ker, a former soldier 
who saw service in the 
Falklands, has sold the device 
to sheiks in the Middle East for 



Edited by Geoffrey Charlistf 


Sony’s tiny screen, 
takes to the air 


It also has the blearing of through pads soaked in water use on racing camels. A top 


The fact is that a growing Elizabeth Launder of the Maple and electroconductive jelly. 


FURTHER entertainments for 
airline passengers are on the 
way from Sony in Japan, 
which has developed a foor- 
indt, fiat colour screen system 
that will he Installed) in the 
backs of tiie seats. Designed 
in conjunction with Cali- 
fornian company Trans Com 
Systems, ACSES (airborne 
cabin service and entertain- 
ment system) win offer three 
,fcanm»h of dual language 
video, local TV, views of the 
take off and landing, a choice 
of video games and nine 
stereo audio channels. 


body of experts in horses and Stud near Cranleigh, Surrey, The voltage is set at a level 


ailments 


one of the most admired and which causes 


racing camel can be worth dim. 
The Electrovet can be bought. 


no leased or rented for around £8 


Electrovet works and can bring respected of equine physio- apparent discomfort, and the a week, Electrotherapy says. 


Setting sail 


the claimed benefits. 

Convinced racehorse trainers 
include Peter Wahvya and Ian 


therapists. 


e«puaa. animal can be freed to graze Call out charge for a vet these < ■___ 

The equipment is simple: a during the 90-minute treatment days is around the £25 mark, I “/ suicuiie 


include Peter Walwyn and Ian battery-powered box of tricks period. 

and Toby Boldwin; ev enters like which generates the healing It all seems a massively 

lan Stark and Lucinda Green current is strapped to the humane improvement on the 


which would seem to make the 
electrical outsider a good, 
each-way bet 


Danes achieve a “significant 
advance" in insnlln research 


Cheap text entry for PC users 


BY HILARY BARNES IN COPENHAGEN 


BY GEOFFREY CHARUSH 


NOVO, the Danish biotech- 
nology group says it has made 
the most significant break- 
through in insulin research 
since InsuUn was first Isolated 
in laboratories in 1921. 

The company Is the world's 
second largest producer of 
inmUw, and believes its work 
will lead to completely new 
series of insulins for the 
treatment of diabetics. Com- 
mercial products, however, 
are still at least five years 
away. 

Novo has applied for 
patents on the new products 
as well as for patois on the 


tion. 

Its scientists say they have 
Isolated a series of new insu- 
lin molecules which closely 
imitate the behaviour of those 
produced in the body by non- 
diabetics. This opens the way 
to more effective and con- 
venient treatment. 

The new products on which 
Novo is wortdng include an 
extra rapid acting h«nH« 
which imitates the short-lived 
iwmiin secretion that takes 
place in non-diabetics at mod- 
times, and a soluble long act- 
ing nwmlin which imitates 
more normal h«nih» secre- 


PAGES OF typewritten or type- 
set material, almost regardless 
of the type fount or size, can be 
quickly scanned into an IBM 
personal computer (PC) using 
an £8,000 system from Kuraweil 
Computer Products (Cambridge, 
Massachusetts and Reading, 
UK). 

Discoverer 7320 consists of the 
desktop scanner and a circuit 
board that plugs in a spare slot 
in tiie PC. It will deal with a 
page a minute, taking typeface 
changes between eight (2 mm) 
and 24 point (6 mm) in its 
stride, and even coping with 
skewed positioning of the sheet 


of paper. Graphics are ignored 
.on tiie text scan and* are cap- 
tured on a second run using the 
“ bit map ” facility at selectable 
definitions up to 300 dots per 
inch. Once captured, the 
material can be edited and 
arranged using appropriate 
word processing or desktop pub- 
lishing software in the PC 
KuxzweU’s important achieve- 
ment with Discoverer 7320 is in 
setting such a low price for a 
versatile machine that produces 
only a handful of wrong 
characters per page (easily 
corrected on screen). Previous 
systems from the company, with 
similar abilities, but aimed at 
the shared minicomputer 


market, were four or five times 
more expensive. 

Such systems are bound to be 
in increasing demand as more 
companies keep their informa- 
tion on electronic databases. 

Most commercial systems, 
when they “ go electronic," 
have a backlog of paper that 
needs conversion and a subse- 
quent input of new paper that 
must be put Into the system. 
The alternatives so far, for say, 
systems with a few networked 
PCs, are either to key in the 
paper, which is expensive, or 
buy a page reader— at prices 
which, for good machines, have 
been in the £30,000 to £40,000 
bracket 


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NIPPON KORAN, tiie 
Japanese steel, engineering 
mri shipbuilding gro u p *»»■ 
developed a ship navigation 
and operational control 
system in conjunction with 
Ocean Routes, the US based 
international company which 
provides weather/renting 
information services to tiie 
shipping world. 

The system is called MTTS 
(Blaster’s Intelligent Terminal 
System). It uses the Inmarsat 
(International Maritime Satel- 
lite Organisation) system for 
ship to shore communication 
via satellite. On shore. Ocean 
Bootes compiles weather and 
route data which is sent to a 
personal computer (PC) on 
the ship. The computer also 
gets inputs from navigational, 
engine and other sensors, 
then, software in the PC 
allows the best route and 
engine speeds to be selected 
and the course to be steered 
automatically. MIT8 will also 
sound an alarm if the hull is 
endangered by bad weather. 




Financial Times Tuesday June 23 1987 


DHL€ 


fit addition it can send data 
about tiie journey to the ship- 
ping line’s shore-based com- 
puter. 


generating sets 



Where you are on 


London's tube 


PdcEfcciKif^kmBdbhlali 
BtcnjdylhMm, 

FBey, Yorkshire YOI47FJ. 
Tefc07Z3M4ML Tdec32M9 


FROM THIS autumn, new 
prototype ■ rolling stock will 
be tried out on the Piccadilly 
and Jubilee lines of London s 
underground system. The new 
trains will make it easier for 
passengers to knew where the 
train is on the line. 

The trains will use a system 
from Racal Acoustics of the 
UK called AVAD (audio voice 
alerting device). This has al- 
ready been used on North 
Sea helicopters to warn pilots 
of impending hazards. 

On the -trains, a digitally 
stored voice win call out the 
stations to passengers just 
before arrival. There will also 
be indicators at the ends of 
each car. which will alternate 
between final destination and 
the next stop the train will 
make. 


Nasa lines up 
warning system 


Safer signposts 
down the road 


CRUMPLED AND distorted 
roadndde signposts can he 
avoided - with a design by 
■Wieksteed Leisure of the UK. 

When conventional posts 
are hit they often embed 
themselves in toe vehicle, 

possibly injnryiag the 
occupants and certainly 
drniag tM g the car. 

The Wieksteed post has a 
/flange at ..toe bottom which 
sits on a similar flange which 
is part of a buried base. The 
two flanges sure connected by 
special bolts which shear 
when the impact occurs, 
absorbing mast of the energy. 
'Hie post, can be re-erected 
with new bolts In a few 
minutes. To cut rests, a 
conversion upper flange kit 
allows existing stocks of 
posts to be used. The 
company dates the new 
ports pay for themselves very 
quickly at vulnerable road- 
side locations. 


THE ENGINEERING report- 
ing troubles discovered with- 
er the National Aeronautics 
and Space Administration 
(Nasal at the time of toe 
shuttle disaster are unlikely 
to be repeated when the Ad- 
ministration’s new safety re- 
porting system (NSRS) ts 
established. 

NSRS is to be designed and 
Implemented by Battelle, the 
US research group of Colum- 
bus, Ohio, under a $385,000 
14 -month contract. Its pur- 
pose is to provide a voluntary, 
Street and confidential report- 
ing line so that the 106,000 
employees of Nasq and its 
contractors can notify head- 
quarters of any safety con- 
cerns they have. 

Em ployees will mail report 
forms direct to Battelle, 
which will remove employee 
identification before passing 
the data to Nasa. No record 
will he kept of the reporting 
individual, who will also he 
able to indicate his or her 
own assessment of the likely 
consequences if no action is 
taken. 


UK management 


brought to book 


Miniature view off 


telephone callers 


ELECTRONICS group Sony 
and- Nippon- Telegraph and 
Telephone, the Japanese 
telecmns operating company, 
have jointly developed a very 
small videophone that will be 
on sale in Japan soon for 
about $350. With a four inch 
picture s>nd miniature camera, 
the unit can ■ send - pictures 
ever neimal telephone lines. 


SEVERAL THOUSAND com- 
pany directors in the UK 
have just received 120 pages 
of guidance about ma n aging 
technology and toe courses 
that are available in Britain 
on the subject. 

The book was sent by 
Jupiter (joint universities 
and polytechnics industrial 
technology and research), an 
organisation sponsored by 36 
government, industrial, pro- 
fessional engineering and 
higher education bodies. 

Jupiter says toe book is a 
unique guide to over 90 
courses on the management 
of technology. Further copies 
are available. 


CONTACTS: 


NKK: Tokyo. 212 7111. Sony: UK oWco. 
(784 61698. J usher: UK. 0895 73504 
Wlakataad Leisure: UK. 0636 517008. 
Re col: UK. 0734 782158. Batralls: UK 
office. London. 483 0184 or (614) 424 
*717 In the US. 


Spot the power station. 




.M r; 




If afl you can see is a mountain, that’s 
as ir should be Because Dinorwig Rawer 
Station in North Wfeks was designed and 
built by die Central Hecmdty Generating 
Board to be concealed in the heart of a 


mountain. 


Dinorwig is the largest pumped 
storage power station in Europe. It can 
supply dearidiy for several laige riiwt for 
up to five hours and has the fastest response 

ofariy pumped storage scheme in the worid. 


For afl its advanced technology die 
basic principles behind Dinorwig design 
are easy to explain. 


Almost seven millian cubic metres of 
water are held in a reservoir in the mountain 
and released when electricity is needed. 

Wkter cascades down tunnels and 
shafts within the mountain at a rate of 
420,000 litres per second, driving turbines 
which rum a generator to produce power 

The generators can be delivering their 
maximum output within seconds. 


The water is collected in a lower 

reservoir and pumped ba<h ip dnou^i die 

nabines at when electricity demand 
reduces, ready for re-use. 


As you can see, the principle behind 
preserving die beauty of the environment 
needs no explanation at afl. 


: Energy for Life: 











9 


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Financial Times Tuesday June 23 1987 0 

B&C to pay 
£• 427.5m for 
Caledonia stake 


UK NEWS 


BY CLAY HARRIS 

BRITISH & Commonwealth Hold- 
ings, the financial services »nd in- 
dustrial group, is to pay £427.5m to 
buy most of the stake owned by 
Caledonia Investments, its largest 
and oldest shareholder. 

The disposal will end more than a 
century of executive involvement 
by the Cayzer family, whoa ship- 
ping line was the seed for the diver- 
sified company which now has a 
market value of more than £1.5bn. 

It comes only eight months after 
Ur John Gunn brought a new man- 
agement team into B&C and seven 
months after he masterminded the 
£673m purchase of Eaco Interna- 
tional, which he had previously 
built into the world’s largest money 
broker. 

Ur Gunn this week succeeds 
Lord Cayzer as rhainwan 

The Exco deal led directly to yes- 
terdays disposal. As a result of that 
acquisition, the B&C stake held by 
Caled o nia, the Cayzers’ listed in- 
vestment vehicle, fell from 46.6 per 
cent to the present level of 31 2 per 
cent 

Any future acquisitions involving 
the issue of B&C shares would have 
obliged Caledonia either to commit 
more money to B&C, which already 
accounts for SO per cent of its gross 
assets, or to see its stake fall below 
the 25 per cent level at which it 
would lose tax advantages on an 
eventual disposal. 

Caledonia expects no capital 
gains tax liability because of the 


structure of the disposal, which in- 
volves an initial £100m cash pay- 
ment and the issue of preference 1 
shares, which will be redeemed in 
four annual instalments between 
1988 and 1991. 

Mr Peter Buckley, who will be 
Caledonia’s only non-executive di- 
rector at B&C, said that the shares 
had not been offered to any other 
party. Caledonia will use the pro- 
ceeds to increase its holdings in 
property and listed investments. Its 
stake in B&C will fall to L9 per 
cent 

B&C will retire 90m of its 324m 
ordinary shares as a result of the 
deaL It expects to be able to offset 
additional advance corporation tax 
payments against other tax liabili- 
ties. 

The purchase of the shares would 
have no effect on earnings per 
share this year, Mr Gunn said, but 
would provide an annual enhance- 
ment of 10 to 15 per cent after- 
wards. 

B&C separately announced yes- 
terday that it had shelved plans to 
introduce outside equity investment 
into Bricom, the subsidiary created 
to manage its non-fin ancial inter- 
ests. It had already scaled down the 
size of the minority from 20 per 
cent to 5 per cent. 

Mr Gunn said; “For all the fa ss it 
would create, there's just no point" 

B&C no longer thought that the 
discipline of external capital was 
necessary to get the best out of the 
businesses. 


Coal union prepared to 
consider 6-day shifts 

BY CHARLES LEADBEATER, LABOUR STAFF 


THE INTRODUCTION of radical 
changes to working arrangements 
in Britain’s coal industry came a 
step Cfaser yesterday, when the 
leader of foe Nottinghamshire- 
based Union of Democratic Mine- 
workers (UDM), said the union was 
prepared to negotiate over the in- 
troduction of flexible shift patterns 
to allow six-day coal production. 

The union was formed two years 
ago by mineworkers who opposed 
the leadership of foe National 
Union of MineworkersfNUM). the 
main coal industry oni o n , during 
the year-long pit strike. 

Mr Roy Lynk, the -UDM presi- 
dent, speaking at its second annual 
conference, said foe union was pre- 
pared to consider revised shift pat- 
terns, although it would not cast 
aside Ugh tty foe industry’s 40-year- 
old, five-day week agreement 

The UDNTs willingness to consid- 
er flexible shifts, will be a boost for 


British Coal’s plans to modernise 
foe industry, which have run into 
opposition from NUM. 

Under British Coal's proposals, 
which are intended to allow more 
intensive working of costly new 
technology, miners would work 
longer daily shifts within a shorter 
working week or month. 

Proposals for flexible shifts at the 
drift mine foe corporation plans to 
develop at Margam, South Wales, 
have been strongly opposed by Mr 
Arthur Scargill, the NUBTs presi- 
dent 

ghq nlrf foe NUlfs annual confer- 
ence next month support Mr Scar- 
gill, it is likely that British Coal will 
turn to areas where the UDM is in a 
majority as the main targets for its 
modernisation plans. 

The corporation has already indi- 
cated that it is considering new 
working methods at two collieries it 
plans to develop in areas where foe j 
UDM is strong. 


CONTINENTAL 

EUROPEAN 

INVESTMENT... 


A+.lflLM 


. 2 % 


YEWS: 4" 169.6% 


FOUR i 
YBUBT 



THE FUTURE 
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Scottish 
textile 
company 
sheds 630 

By James Buxton, Scottish 
Correspondent 

DAWSON INTERNATIONAL, the 
Scottish- based textiles company, is 
to dose a large knitwear plant at 
Coatbridge in Lanarkshire with the 
Joss of 630 jobs, the company an- 
nounced yesterday. 

The future of a dying and finish- 
ing plant which employs 160 people 
at Alva, near Stir ling, is also in 
doubt 

The decision to dose the Coat- 
bridge plant follows Dawson's fai- 
lure to find a buyer for its subsid- 
iary, Mackinnon of Scotland, which 
manufactures knitwear under con- 
tract for major retailers. Dawson 
decided to sell Mackinnon because 
of foe heavy fosses it was making. 

Last month Dawson announced 
foe closure of Mackinnon’s plant at 
Irvine in Ayrshire with the loss of 
180 jobs. 

Dawson said yesterday that con- 
tract knitting was not compatible 
with the group’s mains tr eam busi- 
ness of bespoke knitwear. 

Dawson still hopes to find a pur- 
chaser for Mackinnon's dying and 
finishing plant at Ah/a, foe Cobble- 
crook Dying and Finishing Compa- 
ny. 

Dawson believes it is better op- 
erating in market sectors where it 
can set prices. 


Bracken House deal raises 
City property stakes 


BRITISH PROPERTY development 
companies were effectively frozen 
out of the informal tender which 
led yesterday to the sale of Brack- 
en House in the City of London to 
Ohbayashi Europe for £H3m cash. 

Tbe deal underlines the growing 
interest of Japanese investors for 
sterling property assets. It illus- 
trates that Japanese companies are 
prepared to pay heavily for what 
are classified as “landmark build- 
ings". 

Bracken House, built in the 1950s 
as the headquarters for the Finan- 
cial Times, is on an island site of 
40,000 square feet just opposite St 
Paul's Cathedral and dose to the 
Bank of England , the traditional 
heart of the City of London. Such 
property does not often come on the 
market 

Ohbayashi paid £3,575 a square 
foot for the site - “in excess of any- 
thing achieved thus for," according 
to Mr Michael Stephens of St Quin- 
tin, the surveyors advising Pearson. 
British developers in the past have 
been prepared to pay around £2,000 
a square foot for City sites which 
have planning consent for redevel- 
opment 

With few exceptions they could 
not contemplate prices of £3,000 
plus. Not only would it be difficult 
to put hands on the cash, but it 
would also mean more money tied 
up in one scheme than most would 
consider prudent 


BY PAUL CHEESERIGHT, PROPERTY CORRESPONDENT 


One active developer said, in 
reaction to tbe Ohbayashi deal, that 
it would be difficult in the future for 
British property companies to com- 
pete at the new level of prices likely 
to prevail for sites in the best City 
of London locations. 

While the Bracken House safe 
has the effect of pushing upwards 
the value of sites in the central City 
district and could thus mean a re- 
rating of property companies active 
in the City, it will make it more dif- 
ficult for them to replenish their 
stock for redevelopment 

The difficulty has in any case 
been developing as City property 
prices have spiralled upwards in re- 
sponse to the pressure on space 
caused tty the expansion of London 
as an international financial centre. 

But the presence of foreign inves- 
tors working to a different set of fi- 
nancial criteria from British devel- 
opers adds a further layer of in- 
crease on property prices. Pearson 
sought to obtain a return on Brack- 
en House, in foe books at about 
QOm, which exploited the existence 
of that layer. 

There were two ways in which, it 
could do thi «L it could sell the prop- 
erty to an American owner-occup- 
ier. Or it could sell it to Japanese in- 
terests. 

In tbe end Pearson’s informal 


tender came down to Japanese com- 
panies competing against each oth- 
er. So what happened aver Bracken 
House is a small-scale version of 
what has been happening in the 
US, where Japanese companies 
made property investments last 
year of about S4bn, and this year 
could spend Sfibn. 

If foe Japanese interest in foe 

British Twarkpt mnfcintw>q - and foe 

British market in this context really 
means central London - then there 
could be a repetition of tbe US situ- 
ation. There, Japanese buying has 
niwtopinnwi foe top range of the of- 
fices market 

“Should the Japanese cease buy- 
ing US real estate, or become less 
aggressive in their puraebses, 
prices for quality US office build- 
ings could fall by about 10-15 per 
cent" calculated Salomon Brothers, 
the investment bankers. 

In tbe UK, the Japanese drive in- 
to property has been led by the con- 
struction companies, notably Ku- 
magai Gumi, and has been followed 
through by foe trading houses such 
as C. Itch. At foe same time, Japa- 
nese banks have substantially ex- 
panded their lending to British 
property companies - they account- 
tad far 5 per cent of new money pro- 
vided to foe sector last year. The 


propo r tion will be higher this year. 

The thrust of Kumagai Gumfs ac- 
tivities has been to buy sites as a 
vehicle for its own construction ex- 
pertise. Ohbayashi seems to be fol- 
lowing in its footsteps. 

With Kumagai, CT>imn»» r Kajima, 
Taisei (which has a joint venture 
with Hammerson in foe City) and 
Takenaka Ohbayashi is one of the 
leading six Japanese construction 
companies. In the year to last 
March it had revenues of Y848bn 
(E3.6bn) 

Surveyors active on foe City mar- 
ket said that Ohbayashi had tried to 
buy at least three other properties 
before it ctinrhp H the Bracken 
House deaL 

Possibly, Ohbayashi will redevel- 
op the building for one of tbe ex- 
panding Japanese banks or securi- 
ties houses. Mr Andrew Slayer of 
Tigers, foe surveyors with an exten- 
sive list of Japanese clients, noted 
foal the Japanese institutions often 
seemed more comfortable taking 
property from a national counter- 
part 

But redevelopment will need 
planning consent from the City of 
London Corporation. On the basis 
of costings done by Pearson, rede- 
velopment would need an invest- 
ment of about Gfthn. Because the i 
site is near St Paul's Cathedral, any i 
new building will be restricted in 
height 


‘Spy book’ 
newspapers 
thwarted 
courts 


By Raymond Hughes, 

Law Courts Correspondent 

THE PUBLICATION by three 
newspapers of extracts from the 
memoirs of former MI5 officer Mr 
Peter Wright was “a stark example” 
of criminal contempt of court, coun- 
sel for tiie Attorney-General said in 
foe Court of Appeal yesterday. 

The Independent, the London 
Daily News and foe London Even- 
ing Standard had known that in- 
junctions were in force stopping the 
Guardian and Observer printing Mr 
Wright's allegations of secret ser- 
vices treason and misconduct, Mr 
John Laws said. 

They had gone ahead with publi- 
cation “because they preferred their 
own view of the public interest to 
that of foe court.” In doing so they 
had usurped foe judicial function 
and thwarted court orders. 

The Attorney-General, Sir Pa- 
trick Mayhew QC, was appealing 
against a High Court r uling clear- 
ing the three papers and their edi- 
tors of criminal contempt 

Mr Laws said that the injunc- 
tions against the Guardian and Ob- 
server had been designed to pre- 
serve the "status quo of silence” and 
protect the Government's claim 
that Mr Wright's allegations were a 
danger to security until the issues, 
were tiled. The hearing continues . 


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10 


0 


Financial Times Tuesday June 23 1987 



OUR NEW EUROPEAN FUND IS BETTER PLACED. 


If you’re looking for above average capital growth, 
we’re doser to the action. 

With a comprehensive network of Barclays Bank 
across Europe, we have the eyes and ears of the 
market And when we invest; the more information we 
have, and the quicker we have it, the better we can perform. 

A Growth Found 

The new Barclays European Equity Fund is an 
exciting new investment opportunity for the international 
investee The aim of the Fund is quite straightforward: to 
achieve capital growth through investment in the. shares, 
of companies quoted on the- twelve recognised stock- 
markets of Continental Europe. 

VCfe may also invest in smaller companies with inter- 
esting potential, which trade in local over-the-counter 
markets. The point is - we will be going for growth and, 
with this in mind, the income will be automatically re- 
invested, on behalf of investors, and will therefore be 
reflected in the price of shares oh dealing days. 

Over the long term, Continental Europe is going to 

rdini 


Islands and the Isle of Man. Our fond advisor is Barclays 
de Zoete VCfedd Investment Management Ltd, who now 
successfully look after investors' funds to the value of 
£ll billion. 

And because we’re getting first hand information, 
we can actively manage funds so they can be switched 
across borders to take full advantage of market conditions 
and currency fluctuations. 

Free shares before July 24th 

' Invest any amount from a minimum of £1,000 to 
£15,000 before July 24th and you get a 196 discount in the 
form of free additional shares. Invest more than £15,000 
and yougeta 1*^96 special discount 

So don’t delay, send for a prospectus now. After all, 
no one is better placed than us to keep an eye on your 
investment 

n 




continue as one of the worlds most rewarding places to 
invest It is politically stable, and its well-established 
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Growing interest in new issues by leading local 
finanrial institutions has also made equity investment an 
exciting sector for investors. The success of the French 
privatisation programme is evidence of this trend. 

With increasing demand on the equity markets, -now 
is the best time to invest in Europe. 

Managed by Barclays Unicom International 

Barclays Unicom International is one of the leading 
offshore unit trust groups with offices in both the Channel 



To: Richard Roberts, Barclays Unicom 
International (Channel Islands) Limited, 
Dept FT/6, PO Box 152, Charing Cross, 
St Heliec Jersey CL Tel: (0534) 73741/7670 0. 

Please send me a prospectus on Barclays Unicorn 

^International European Equity fund O. 

I am considering investing the sum ofe. 


Name 


| Address. 


i. ■; - 


L_. 


BARCLAYS 


BARCLAYS UNICORN INTERNATIONAL 


._ii 


Then i u » i.l tn mti h«f CM liming umui mfcr the Srt uri t«a Act rfimirf AellamlStwnirAiiii^ra uni rhrwM* T ^ r ^.C t |^ ih>nlymfrMWriyini«d*«igwmfmnfifcgt1K.A.;«Mr ii ia ri g i nrpa«ri«*. 


Businesses Wanted. 


- . ■f-ii 


Zsitz -uitc mv: 


CONTRACT HIRE/CAR AUCTION 

A major UK financial services company has a strategy of 
acquiring established companies in the following sectors: 
CONTRACT HIRE - CAR AUCTIONS 
Parties who have businesses in these sectors and who wish to 
consider their sale should reply in strictest confidence to: 
Box H2184, Financial Times 
10 Cannon Street, London EC4P 4 * Y 


Major International 
Financial Services Group 

Wishes to acquire complimentary operations In the Merchant 
Banking or fund management sectors. Preferable location 
would be the Home Counties but all proposals in the above 
sectors will be considered. 

Please reply in strictest confidence to 

Box H21S3, Financial Times 
10 Cannon Street, London EG4P 4 BY 


INVESTMENT CASTING CO. 

REQUIRED 

Well established business situated Ideally in the 
Midlands or Southern England . 

Please reply to Box H2174. Financial. Times 
10 Carman Street, London EC4P 4BY ‘ 


INSURANCE BROKERAGE REQUIRED 

An International group with substantial in-house property related 
Insurance business wishes to acquire an Insurance Brokerage 
Company with ongoing management and marketing skills 

Principals should write In confidence to Box H2169 . • ■ . 
Financial Times, 10 Cannon St, London EC4P 4 BY 


WANTED TO ACQUIRE 

SMALL BROKERAGE FIRM 

We are looking to acquire a shell or small operating brokerage 
company licensed under FIMBRA or DTI to deal in securities 

Please reply in confidence to Box H21B1 
financial Times, 10 Cannon St, London EC4P 4BY 


r Expanding Group with 
tar East connections 
wishes to acquire 

PROPERTY 
DEVELOPMENT, 
HOUSING AND 
CONTRACTING 
COMPANIES 

wlfh net assets of 
£VaM to £3M 
In Southern England with 
Head Offices in London 
Replies In confidence 
foMJCannlto/d 

BKtARDSYMMONS 


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PLC SEEKS COMPANY 
IN BUILDING MATERIAL 
MANUFACTURING INDUSTRY 
We seek to purchase 
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sviil be treated wW the strictest 
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W Cannon Sr. London ECOP 4BY 


AN ENGINEERING GROUP 

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» STORAGE COMPANY 

[ - - ; A fast growinfi^pirbllexompany )> soaking tb acquire storage, removal or 
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173-17A Sloane Street, London SW1X 9QG 
or telephone him on 01-2)5 4571 


Company Notices 


UNILEVER N.V. 

: . ROTTERDAM 

CERTIFICATES FOR ORDINARY CAPITAL 
ISSUED BY N.V. NEDERLANDSCH ADMINtSTRATlE- 
EN TRUSTKANTOOR 

DUTCH CERTIFICATES 

UnawarN^f^l'on' 2tT May^987 resolved 
.to alter the Articles of Association in that each of the Ordinary 
Shares of FI.20 nominal wffl be split into five Ordinary Shares 
of Ff.4 nominal. As a result the trust certificates (dap 
receipts) issued for Ordinary Shares by N.V. Nederii 
Adirunistratie- en Trustkantoor wffl be split accordingly. 

As from 29 June 1987, therefore, the certificates for Ordinary 
Shanes should be surrendered for conversion into new 
cer ti fic a tes for Ordinary Shares to the head offices of 
Amsterdam -Rotterdam Bank N.V. 

Pierson, Hetdring & Pierson N.V. 

Algernons Bank Nederland N.V. 
in Ams t er d am and Rotterdam. 

in the; United Kingdom and Ireland, Midland Bank pic. Stock 
Exchange Services Department Mariner House/ Pepys Street 
London EC3N 4DA wffl be responsible for exchange of the “K" 
certificates but not the “CF* certificates. 

-The certificates for the Ordinary Shares to be surrendered 
should — in the case of "K" certificates — be accompanied by 
dividend coupon No. 119 et seq and voucher. The certificates 
for Ordinary Shares will be obtainable in "K" certificate 
■ denominations of 1 kFI.4, S x FL4, 25 x FI.4 and 250 x FI.4 
nominal, and in "CF* certificate, denominations of 1 x FI.4, 
5 x FI A 25 x FI.4, 250 x FI.4 and 25,000 x FLA nominal. 

.The “KT certificates wffl be accompanied by dividend coupon 
No.letseq. 

Where the certificates for Ordinary Shares are tendered by a 
bank or stockbroker, they should carry on the face of the 
mantle a stamp showing the name of suen bank or stockbroker. 
Certificates should be bundled by denomination in numerical 
sequence in quantities of 100. A duplicate list should 
accompany the exchange, one part of which should be firmly 
attached to the relevant bundle. Both parts of the list must 
show the toted number of bundles that make up the particular 
exchange. 

The Verenfginfl voor de EffeCtenhandeT (Securities Trwfing 
Association) has been asked to rute that with effect from 
29 June 1987, listing wffl be made for each certificate for 
Ordinary Shore of F1.4 nominal. 

in order to ensure that the surrender for conversion can be. 
effected without cost to the holders of certificates for Ordinary 
Shares, the prescribed commission fee will be paid to the 
member of the *Verenjgrt qygo r de Effectenhandef up to and 
including 29 September 1987. 

Those persons who surrender their certificates for Ordinary 
Shares to bank branches other than those mentioned above 
with- a request for conversion into certificates for Ordinary 
Shares will, in accordance with the regulations of the 'Neder- 
landse Bankierevereniging’ (Dutch Bankers' Association), be 
charged the customary commission fee. 

ORDINARY SUB-SHARES OF FL.12 

Asfrom29June 1987 holders of Ordinary Sub-Shares of FI.12 
issued by Nederiandsch Admintstratie- en Trustkantoor in the 
name of Midland Bank Executor and Trustee Company Limited 
now Midland Bank Trust Company Limited who wish to 
convert their holdings into Dutch Certificates, will receive 
Dutch Certificates for three Ordinary Shares of F1.4 each for 
each FI. 12 Sub-Share surrendered. No foe wffl be charged 
tor these conversions. 

UNILEVER N.V. N.V. NEDERLANDSCH 

ADMINISTRATIE- 
EN TRUSTKANTOOR 


Rotterdam/ Amsterdam 


22 June 1987 


UK NEWS 


Benefactor offers cash 
for drug case claimants 


BY RAYMOND HUGHES, LAW COURTS CORRESPONDENT 


AN ANONYMOUS benefactor has 
offered financial support to 500 ar- 
thritis sufferers faced with having 
to withdrew from litigation oyer the 
drug Opren because of prohibitive 


The arrival on the scene of the 
mystery “Fairy Godparent!* was re- 
vealed in the Hi gh Court in London 
yesterday when Mr Justice Hirst 
said that the intervention bad "po- 
tentially revolutionised” the posi- 
tion of noxrtegally aided plaintiffs. 

Last month the court ruled that a 
small number of "lead” cases should 
be selected to come before the court 
first, with the costs being borne 
equally by all 1,500 claimants, re- 
gardless of whether they were le- 
gally aided. 

The ruling was a setback to non- 
legally aided claimants who had 
hoped to ride on the back of the 
lead cases. 

Announcing a revised timetable 
for the litigation yesterday, Mr Jus- 


tice Hirst said that just over 120 
plaintiffs had discontinued the ac- 
tion - though not all because of the 
costs ruling - and the court had 
been told that, but for the providen- 
tial intervention of the “Fairy God- 
parent,” most of the remaining Don- 
aided plaintiffs would have been 
likely to follow suit 

The judge said that a delay of a 
fow months to enable a proper 
scheme to be formulated seemed a 
fair price to pay for ensuring that 
the non-legally aided plaintiffs were 
in a position to take full advantage 
of the "Fairy Godparents" generosi- 
ty. 

Mr Justice Hirst stressed that no 
non-legally aided plaintiff could 
"absolutely count on support" until 
a proper scheme, with safeguards 
against, for example, unjustified re- 
jection of settlement terms that a 
plaintiff's counsel advised were rea- 
sonable, bad been set up. 

The scheme would come before 


the court for approval on Septem- 
ber 28 and 29; the deadline for 
plaintiffs to withdraw without in- 
curring liability for costs would be 
extended to October 9 and the date 
for nominating the lead plaint iff s to 
November B. The court aimed to 
mairp the selection of lead 
cases early next year. 

Applications by plaintiffs who 
h ad discontinued their claims to 
have the™ reinstated in view of the 
intervention of the unknown bene- 
factor, would be considered on their 
merits, the judge said. 

After yesterday's court h e ari n g 
Mr Rodger Pannone, a solicitor for 
the plaintiffs, said that it was 
"premature" to reveal the identity 
of the benefactor. 

The 1,500 plaintiffs are claiming 
rinm»gBs for personal injuries alle- 
gedly caused by the side effects of 
Opren, which was withdrawn from 
sale in 1982 after it had been linked 
with 74 deaths 


Rifkind cool on Scots assembly 


BY JAMES BUXTON, SCOTTISH CORRESPONDENT 


MR MALCOLM RIFKIND, Scottish 
Secretary, yesterday expressed 
deep scepticism that a desire for a 
Scottish assembly was an impor- 
tant issue among the people of Scot- 
land. 

“It’s an issue among politicians, 
its an issue among the press. It 
may be an issue among the public, 
but how does one tell that on the ba- 
sis of the actual evidence that is 
available?” he said in an interview 
with the Financial Times. 

Mr Rifkind was commenting on 
calls by the Labour Party that the 
Conservative Government change 
its polity on Scottish devolution and 
set up a Scottish assembly in Edin- 
burgh. A number of Scottish Con- 
servatives have also said that their 
party must adopt a pro-devolution 
policy. 

The calls followed the Conserva- 
tive Party’s dismal showing in the 
general election in which they lost 


11 of their 21 seats in Scotland and 
their share of the Scottish vote de- 
clined from 28 to 24 per cent 

Mr Rifkind said the Scottish Con- 
servative party was engaged in a 
"genuine, internal and public analy- 
sis" of its policies in Scotland. 

He said the Labour Party, which 
now has 51 of the 72 Scottish parlia- 
mentary seats, a gain of nine, want- 
ed the Conservatives to implement 
Labour policies in Scotland, includ- 
ing its policy on devolution. He sai± 
*1 have not the slightest intention of 
doing this." 

"Let us assume that Labour had 
won the election on the Scottish 
and Welsh strength of the Labour 
Party. Are they seriously suggest- 
ing that Fnelai’wl would be spared 
Labour policies on the grounds that 
the English constituencies had vot- 
ed Conservative? If not, doesn’t that 
show how absurd the argument is?” 

Mr Rifkind said that out of the 


2,000 to 3,000 people he had spoken 
to during the election only three 
barf raised the issue of devolution — 
”32 if you include journalists.” 

Tve always said that if in any 
part of the United Kingdom there is 
an obvious demand for some kind 
of constitutional change then... the 
Conservative Party would in due 
course respond to it” 

But, be pointed out the last such 
demand had led to Labour’s Devolu- 
tion Act of 1978 which was rejected 
by Scotland in a referendum. 

Mr Rikffnd resigned from the To- 
ry front bench when it voted 
against Labour’s devolution bin, 
which would have involved a Scot- 
tish assembly without tax-raising 
powers and without an executive. 
The Labour Party now favours an 
assembly which would have the 
power to raise taxes and would re- 
port to an executive. 


ICI board 
flies out 
for US 
meeting 

By Nick Garnett 

IMPERIAL Chemical Industries 
/ICI) will break with tradition by 
holding its next board meeting at 
the New York Stock Exchange, the 
first time in the company’s 01-year 
history that its board has met out- 
side the UK. 

The board, including seven rum- 
executive directors, will conv ene i n 
New York tomorrow at the invita- 
tion of the stock exchange. The 
company says there could be fur- 
ther board meetings outside the 
UK. 

The decision to hold a board 
puffing m the US rather than at its 
Milibank offices in London partly 
reflects the increasingly interna- 
tional scope of ICTs business activi- 
ties and in particular the spectacu- 
lar growth in the importance erf the 
US. 

ICI has increased its sales in the 
US 15 times in as many years and 
expects turnover from there to be 
around £3.Q8bn by 1990. 

It has spent more than £UI5bn 
there on acquisitions during the 
past few years and employed 21,000 
people in North America before the 
sale of S tauffer , the specialty chem- 
icals business, announced yester- 
day/ 

About 20,000 Americans now hold 
12.5 per cent of ICI stock and a 
quarter of the total trading volume 
in ICI shares takes place in the US 
market. 

Mr Denys Henderson, ICTs chair- 
man said yesterday, before the 
board left for a four-day visit to its 
North American operations: "ICI is 
increasingly international in its ac- 
tivities and while it will remain 
firmly a British-based company, it 
is determined to have a substantial 
manufacturing and selling opera- 
tion in the major markets of the 
world." 

An ICI dinner before the board 
meeting will include Mr Malcolm 
Baldrige, the US Secretary of Com- 
merce. 


Hospital reports rise in 
City cocaine addicts 


BY FIONA THOMSON 

A GROWING number of patients 
attending private hospitals for co- 
caine addiction are City of London 
employees, according to Mr Tony 
McLellan of the ClMto-day Charter 
Nightingale Hospital in West Lon- 
don. 

Mr Mc L el lan, programme direc- 
tor for the hospital’s addictive dis- 
eases unit, said yesterday that most 
of its cocaine-addicted patients 
were high-income, high-flyers in in- 
dustry and the City. 

Of the unit's 19 beds, an average 
of five to seven would be occupied 
by cocaine addicts. “Of these, five 
would be the City type," he said. 
"We are seeing more and more peo- 
ple coming in from this back- 
ground, ft is just the tip of tibe ice- 
berg." 

Charter’s treatment for cocaine 


addicts involves six weeks hospital 
treatment and a full year of after- 
care out-patient treatment . It costs 

' The cost does not deter compa- 
nies paying for their employees to 
have treatment, according to Mr 
McLellan. “An employee can cost 
his company that amount of money 
in 10 minutes with a wrong deri- 
sion." 

Dr Robert FriedeU, medical direc- 
tor of Charter Medical Corporation 
of the US, the hospitaTs parent 
company, said cocaine was a middle 
and upper-middle-dass addiction- it 
was both physically and psychologi- 
cally addictive. 

“People are very loathe to give it 
up. They all think T can handle it’ 
They are fooling themselves. The 
majority cannot handle it" 


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FINANCIAL TIMES 

— Europe’s Business Newspaper — 

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